Bitcoin Recovery Spurs Altcoin Rally: TON, AVAX, NEAR, OKB
Bitcoin Price Holds Above Key Average, Altcoins Poised for Rally
Bitcoin (BTC) bulls are attempting a comeback, holding the price above the 200-day simple moving average ($84,899) over the weekend. Bitget Research's chief analyst, Ryan Lee, stated that a weekly close above $85,000 is vital to signal strength and avoid a potential drop to $76,000. A close above $87,000 would offer stronger bullish confirmation.
Recent tariff disputes have impacted both traditional and cryptocurrency markets. Nansen research analyst Nicolai Sondergaard suggests market pressure may persist until April 2nd. However, a resolution to these tariffs could be a significant market catalyst.
Source: Coin360
While long-term bullish sentiment remains, some analysts predict a short-term decline. Market analyst Timothy Peterson suggests the current bear market could last 90 days, anticipating a drop in the next 30 days, followed by a 20-40% rally after April 15th.
A sustained Bitcoin recovery could trigger a similar upward trend in several altcoins. Let's examine the charts of some promising cryptocurrencies:
Bitcoin Price Analysis
Bitcoin is struggling to maintain a position above the 20-day exponential moving average ($85,246). However, the bulls haven't relinquished significant ground, suggesting a potential break above this EMA. This could drive BTC/USDT to the 50-day SMA ($90,469) and potentially to $95,000.
Source: Cointelegraph/TradingView
Conversely, a break below $81,000 could trigger a decline to $80,000 and then $76,606. Support exists at $73,777 and $67,000. The RSI is in positive territory, indicating growing bullish momentum. A close above $87,500 could initiate a rally to $92,500 and $95,000. A break and close below $80,000 would favor the bears.
Source: Cointelegraph/TradingView
Toncoin (TON) Price Analysis
Toncoin (TON) recently faced a downturn from the $4 level, but bulls have maintained prices above key moving averages. A bullish crossover is imminent, and the RSI is positive, suggesting a potential break above $4, leading to a possible surge to $5. A break below the 20-day EMA ($3.39) would invalidate this bullish outlook.
Source: Cointelegraph/TradingView
Source: Cointelegraph/TradingView
Avalanche (AVAX) Price Analysis
Avalanche (AVAX) has been in a downtrend, but positive RSI divergence suggests weakening bearish momentum. A break above the 20-day EMA ($19.76) could send AVAX/USDT to the 50-day SMA ($22.41) and the $25.12 to $27.23 resistance zone. A break below $15.27 could resume the downtrend.
Source: Cointelegraph/TradingView
Source: Cointelegraph/TradingView
Near Protocol (NEAR) Price Analysis
Near Protocol (NEAR) shows early signs of a reversal despite a previous downtrend. Positive RSI divergence suggests weakening bear control. A break above the 50-day SMA ($3.05) could lead to a rally to $3.65 and potentially $5. A break below $2.48 indicates continued bear dominance.
Source: Cointelegraph/TradingView
Source: Cointelegraph/TradingView
OKB Price Analysis
OKB has traded within a descending channel pattern. A breakout above the 20-day EMA ($48.39) on March 14 showed momentum. Resistance near $54 might cause a pullback to the 20-day EMA. A break below the 50-day SMA ($47.56) would suggest continued bear influence, potentially leading to a drop to $45.
Source: Cointelegraph/TradingView
Source: Cointelegraph/TradingView
Disclaimer: This article does not provide financial advice. Conduct thorough research before making investment decisions.
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