Risky assets have been on the rise for several days now. The S&P 500 index has been climbing for five weeks straight, and Bitcoin itself has surged over 13% this week, indicating bullish aggression. Bitcoin’s strength has lifted the spirits in the cryptocurrency sphere, propelling altcoins like IMX, KAS, TIA, and STX upwards.
While Bitcoin continues to hog the limelight, some altcoins have begun to gain momentum. Let’s take a peek at the charts of the top 5 cryptocurrencies that might exceed expectations shortly.
On February 10th, Immutable (IMX) broke through the $2.60 resistance, signaling a resurgence in the uptrend.
However, the bears aren’t likely to roll over so easily. They’ll try to throw a serious challenge at the $2.85 level. If the price turns south and drops below $2.60, it’ll suggest that the bullish momentum is weakening. Then, the IMX/USDT pair might tumble toward the 20-day EMA ($2.24). Bears will need to drag the price below the moving averages to signal a comeback.
On the flip side, if the bulls refuse to yield to the bears, it’ll mean they’re holding their ground, awaiting a breakthrough. If the $2.85 resistance is breached, the pair could surge to $3, and then to $3.50.
The bulls successfully defended the psychological support at $0.10 during the Kaspa (KAS) correction, indicating buys at lower levels.
The KAS/USDT pair gained momentum after breaking above the moving averages on February 7th and reached a tough upper resistance around $0.15. Sellers will try their best to halt the upward movement at this level.
The first support on the downside is at $0.13. If this level holds, the likelihood of breaking above $0.15 increases. Then, the bulls will attempt to resume the uptrend. There’s minor resistance at $0.16, but if we scale that up, the pair could hit $0.20.
Celestia (TIA) has been riding the uptrend for a few days now, but the bulls are facing some stiff resistance at $20.40.
The rising moving averages and the RSI in the positive zone suggest that buyers are still holding the reins. If the bulls don’t back down from this level, it could brighten the prospects for a rally above $20.40. And if that happens, the TIA/USDT pair might just hit its next target at $25.
On the flip side, if the price takes a nosedive from here and breaks below the 20-day EMA ($18.01), it’ll signal that the bulls are in a hurry to exit. In that case, the short-term trend might start favoring the bears upon breaching the 50-day SMA ($16.16).
The Stacks (STX) 20-day EMA ($1.62) has started to rise, and the RSI has bounced near the overbought zone, indicating that the bulls are calling the shots. The STX/USDT pair might reach upper resistance at $2.06, which could likely pose a serious obstacle. If buyers manage to hurdle this barrier, the pair could shoot up to $3.
The 20-day EMA serves as a crucial support to watch on the downside. Bulls are expected to defend this level, but if the bears take the reins, the pair could plummet to $1.45.
Bulls are buying the dip to the 20-EMA, but they’re likely to face stiff resistance from the bears in the $2 to $2.06 zone. If the price turns south from the upper zone but finds support at the 20-EMA level, it’ll increase the likelihood of breaking above the resistance. Then, the pair might resume its upward trend.
The first sign of weakness would be a breakthrough and close below the 20-EMA. That’ll signal the bulls are losing their grip, and the pair might slide towards the 50-SMA.
Risk assets have been on the rise for a few days now. The S&P 500 index has been climbing for five weeks straight, and Bitcoin also shot up over 13% this week, indicating some bullish frenzy.
BitMEX Research data reveals that on February 9th, there was a whopping $2.7 billion inflow into nine exchange-traded Bitcoin funds (ETFs), while outflows from the Grayscale Bitcoin Trust (GBTC) shrunk to $51.8 million. The total assets under ETF management surged to $10 billion.
Bitcoin’s sharp ascent has boosted positive sentiments, but Keith Alan, CEO and co-founder of Material Indicators, cautioned in an X message (formerly Twitter) that Bitcoin is likely to face some tough resistance between its current level and $50,000.
More on Bitcoin from Hodl.Fm:
- Bitcoin: A Potential Game-Changer for Western Civilization, Says Coinbase CEO
- SEC’s Potential Approval of 12 Spot Bitcoin ETFs Creates Excitement and… Speculation
The Bitcoin rally hit a solid upper resistance at $48,970, which is likely to witness a fierce battle between the bulls and bears.
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL.FM is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort, HODL.FM strongly recommends contacting a qualified industry professional.