Bitcoin price move above $100K could pull SOL, SUI, ICP and ENA higher

1 day ago 3

Bitcoin (BTC) rallied about 4% this week, indicating solid demand at lower levels. The United States spot Bitcoin exchange-traded funds (ETFs) witnessed outflows of $242.3 million on Jan. 2 but bounced back with a vengeance on Jan. 3 with inflows of $908.1 million, per Farside Investors data. This suggests that investors expect Bitcoin to resume its uptrend.

Another positive for Bitcoin is that the selling pressure could be reducing. According to CryptoQuant data, Bitcoin exchange inflow — the total amount of Bitcoin transferred to exchanges — dropped in December from the Nov. 25 peak of 98,748 Bitcoin. Similarly, miner outflows have also declined since the Nov. 11 peak, when miners sent 25,367 Bitcoin to exchanges.

Cryptocurrencies, Bitcoin Price, Markets, Cryptocurrency Exchange, Donald Trump, Price Analysis, Market Analysis, Solana, Internet Computer, Bitcoin ETF, ETF, SUI

However, in the near term, Bitfinex analysts told Cointelegraph that Bitcoin could consolidate between $95,000 and $110,000 till the end of January. The analysts do not expect US President-elect Donald Trump’s inauguration on Jan. 20 to act “as a significant price appreciation event.”

If Bitcoin rises above $100,000, select altcoins are likely to move higher. Let’s look at the charts of the top 5 cryptocurrencies that may outperform in the near term.

Bitcoin price analysis

Bitcoin rose and closed above the moving averages on Jan. 3, indicating that the selling pressure is reducing.

The bulls will try to strengthen their position by pushing the price above the formidable resistance at $100,000. If they succeed, the BTC/USDT pair could surge to the all-time high of $108,353. Sellers are expected to fiercely defend the level, but if the buyers bulldoze their way through, the pair could rally toward $126,706.

Instead, if the price turns down sharply from $100,000 and breaks below the moving averages, it will suggest a consolidation in the short term. The pair may oscillate between $90,000 and $100,000 for a few days.

The 20-exponential moving average on the 4-hour chart is sloping up, and the relative strength index (RSI) is near 62, signaling that buyers have an edge. The price has bounced off the 20-EMA, and the bulls will next try to clear the overhead hurdle at $100,000. If they do that, the pair may rise to $102,800 and then to $105,350.

Conversely, a break below the 20-EMA will weaken the bulls. The pair may then drop to the 50-simple moving average.

Solana price analysis

Solana (SOL) is facing resistance at the 50-day SMA ($219), but a positive sign is that the bulls have not ceded much ground to the bears.

The 20-day EMA ($204) has started to turn up, and the RSI is in the positive zone, indicating that buyers have the upper hand. If the price turns up from the current level or rebounds off the 20-day EMA, the bulls will again try to propel the SOL/USDT pair above the 50-day SMA. If they can pull it off, the pair may rise to $234 and subsequently to $247.

This optimistic view will be negated if the price turns down and breaks below the 20-day EMA. That could pull the price down to the uptrend line, indicating that bears are active at higher levels.

The pair formed an ascending triangle pattern on the 4-hour chart, indicating that the correction may be over. If the price slips below the 20-EMA, a retest of the $202 level is possible. Sellers will have to pull the price below $202 to seize control.

Alternatively, a strong bounce off the 20-EMA or the $202 support will improve the prospects of a break above $220. If that happens, the pair is likely to resume the uptrend toward the pattern target of $229.

Sui price analysis

Sui (SUI) resumed its uptrend after buyers pushed the price above the stiff overhead resistance of $4.96 on Jan. 03.

The bears will try to trap the aggressive bulls by pulling the price back below the breakout level of $4.96. If they do that, the SUI/USDT pair could drop to the 20-day EMA ($4.49). Sellers will have to yank the price below $3.94 to signal that the pair may have topped out in the near term.

On the contrary, a solid bounce off $4.96 will signal that the bulls are trying to flip the level into support. That could start a rally to $6.28.

The pair pulled back from $5.36, signaling a possible retest of the breakout level of $4.96. The upsloping 20-EMA and the RSI in the overbought zone suggest that buyers remain in control. If the price turns up from the current level or rebounds off $4.96, it will signal buying on dips. That increases the possibility of the resumption of the uptrend.

Contrary to this assumption, a break and close below the 20-EMA will suggest profit-booking by the bulls. The pair may sink to $4.60 and later to the 50-SMA.

Internet Computer price analysis

Internet Computer (ICP) surged above the moving averages on Jan. 3, indicating a potential change in the short-term trend.

The recovery is facing selling near $13, but the moving averages are likely to act as strong support on the way down. If the price rebounds off the moving averages with strength, it will signal that the sentiment remains positive. The ICP/USDT pair may climb to $14 and later to $15, where the bears are expected to mount a strong defense.

This positive view will be invalidated in the near term if the price turns down and breaks below the 20-day EMA ($11.23). The pair may then descend to $9.60.

The pair completed a bullish ascending triangle pattern on the 4-hour chart, indicating buying at lower levels. Buyers are expected to vigorously defend the 20-EMA. If they do that, the likelihood of a rally above the $12.74 resistance increases. That could start a rally to the target objective of $13.96.

The zone between the 20-EMA and $11.39 is expected to act as a strong support. Sellers will have to tug the price below $11.39 to signal a comeback.

Ethena price analysis

Ethena (ENA) has formed a cup-and-handle pattern, which will complete on a break and close above $1.30.

The 20-day EMA ($1.04) has started to turn up, and the RSI is in the positive territory, indicating an advantage to buyers. If bulls drive the price above $1.30, the ENA/USDT pair could rally to $1.52 and thereafter to $1.72. The pattern target of the bullish setup is way higher at $2.41.

The support on the downside is at $1.10 and then at the 20-day EMA. A break and close below the 20-day EMA will suggest that the bulls are losing their grip. The pair may then slump to $0.88.

The bulls tried to push the price above $1.30, but the bears held their ground. The pair may drop to the 20-EMA, which is an important level to watch out for. If the price rebounds off the 20-EMA with force, it will signal that the bulls remain in command. That will improve the prospects of a rally above $1.30.

Contrarily, a break and close below the 20-EMA will suggest that the bulls are booking profits. That may pull the price to the 50-SMA.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Read Entire Article