Bitcoin Holds Steady, Altcoin Potential
Bitcoin Price Consolidation
Bitcoin (BTC) continues to trade below $105,000, with selling pressure persisting. CryptoQuant's report suggests a potential short-term pause in the rally, although support is anticipated around $100,000. Glassnode data indicates the short-term realized price is at $96,000; historically, Bitcoin hasn't stayed below this level for long during bull markets. A relief rally towards $109,588 could positively impact altcoins.
Key Bitcoin Price Metrics:
- Support: $100,000 (psychological), $93,000 (short-term realized price)
- Resistance: $105,232 (20-day EMA), $111,980, $130,000
Altcoin Season Potential
Analysts believe Ether's (ETH) chart patterns suggest the possibility of an altcoin season. If this occurs, several altcoins could experience significant price increases. Let's examine four promising candidates:
Ether (ETH) Price Prediction
ETH is consolidating near its 20-day EMA ($2,496). A decisive break above $2,738 is crucial to trigger a rally towards $3,000 and potentially $3,253. Support lies at $2,323 and $2,133 (50-day SMA).
Hyperliquid (HYPE) Price Prediction
HYPE is finding support at its 20-day EMA ($30.76). A break above $35.73 could lead to a rally to $40 and potentially $42.25. Conversely, a break below the 20-day EMA could see a drop to $28.50.
Bittensor (TAO) Price Prediction
TAO recently reached resistance at $495 after rebounding from its 50-day SMA ($379). Staying above the 20-day EMA ($421) is key for a potential bullish breakout towards $589 and $720. Failure to hold above the 20-day EMA could result in a drop to the 50-day SMA.
Quant (QNT) Price Prediction
QNT found support at its 20-day EMA ($101). Breaking above $120 could initiate a rally to $142. However, a breakdown below the 20-day EMA might trigger a drop to the 50-day SMA ($87).
Disclaimer: This analysis does not constitute financial advice. Conduct thorough research before making any investment decisions.
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