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Bitcoin Awaits Predicted Bull Move
Despite uneventful price activity over the weekend, Bitcoin (BTC) continues to command market watch due to the expected increase in volatility following a period of consolidation. While hard to predict in which direction the breakout will potentially happen, notable analytics seem to suggest an uptick, spurred by Bitcoin whales upping their market engagement. Cole Garner, an on-chain analyst, predicts the bull move might kick in by September, influenced by summer seasonality and a predicted shakeout.
The Altcoin Catch-Up Rally
The initial months of the year saw a significant upsurge in Bitcoin value, a trend not precisely mirrored by the major altcoins. However, the current period of Bitcoin consolidation might offer an opportunity for select altcoins to gain lost ground. Here, we take a closer look at the top five cryptocurrencies expected to perform well in the short-term, and the potential resistance levels to keep an eye on.
Bitcoin Price Overview
Bitcoin recently showed an inside-day candlestick pattern, signalling indecision among investors. The dynamic between the 20-day exponential moving average (EMA) and the horizontal support indicates a tight squeeze on the price. With bearish trends slightly more apparent than bullish factors in Bitcoin's performance, traders are still watchful of a promising upside if the market rebounds and breaks past the 50-day simple moving average (SMA).
Shiba Inu's Uptrend Trajectory
Shiba Inu (SHIB) recently showed robust bullish momentum, soaring to a high point and subsequently moving the relative strength index (RSI) into the overbought zone. This uptrend trajectory can potentially spur another leg higher if traders maintain their existing positions, with the potential for a future surge to follow if the price continues to hold strong.
Uniswap's Correction Phase
Uniswap (UNI) is currently in a correction phase. However, bullish activity near the 20-day EMA signals potential for growth. If this counter-trend sustains, it can trigger positive sentiment and incite traders to buy more during this dip.
OKB's Slithering Progress
Aiming for a breakout, OKB has been making steady yet slow progress within the large $38 to $59 range in recent weeks. If ongoing attempts to jumpstart an upswing yield success, it could lead to a quick jump to $54, further intensifying the bullish momentum.
Hedera’s Bullish Comeback
Hedera (HBAR) recently broke past its overhead resistance, signaling bullish trends. If this issue holds steady, the momentum can pick up significantly, suggesting a possible rally to $0.075. However, if it stumbles and falls below the 50-day SMA, it could descend to $0.045.
