These four altcoins could be poised for an upward move if Bitcoin rises above $27,500

Inexperienced traders usually chase prices higher during the end of a bullish phase because they are afraid of missing out on the rally. However, institutional investors tend to wait for the butter to settle before getting involved. The Bitcoin (BTC) bear market in 2022 ended the hype seen in 2021.

Fred Pai, CEO of 3iQ, Canada’s premiere Bitcoin fund issuer, said in an interview with Cointelegraph that with Bitcoin’s FOMO gone, institutional investors and portfolio managers are starting to look at it as a “serious niche.”

View daily crypto market data. source: Coin 360

While analysts are bullish in the long term, the short term picture looks uncertain as the price has been stuck within a range for the past several days. Analysts expect the trend movement to start either next week or the week after.

If Bitcoin breaks out to the upside, which altcoins might follow higher? Let’s analyze the charts of the top five cryptocurrencies that may rise in the short term.

Bitcoin price analysis

Bitcoin is trading near the support line of the symmetrical triangle but the bulls failed to push the price above it. This indicates that the bears are active at higher levels.

BTC/USDT daily chart. Source: TradingView

A sloping 20-day exponential moving average ($27,481) and an RSI below 42 indicate that the bears have an advantage.

If the sellers drop the price below the immediate support at $26,361, the BTC/USDT pair could drop to the crucial support area between $25,800 and $25,250. Buyers are expected to protect this area with all their might because if they fail, the pair could drop to $20,000.

Conversely, if the bulls kick the price above the 20-day EMA, it could attract more buying. After that, the pair could rise towards the resistance line of the triangle. If this barrier is overcome, the pair may start its journey to $32,400.

4 hour BTC/USDT chart. Source: TradingView

The 4-hour chart shows the formation of a symmetrical triangle pattern, which indicates the uncertainty between the bulls and the sellers. Flat moving averages also indicate a balance between supply and demand.

If the price collapses below the triangle, the short-term trend will turn negative and the pair may drop to $25,800. The pattern target for the triangle is $24,773.

This downtrend will be invalidated if the price rises above the triangle. The pair could then climb to $28,400 and later to the pattern target at $29,165.

XRP price analysis

XRP (XRP) is trying to start a recovery. Buyers have been holding the price above the 20-day moving average ($0.45) since May 16 but could not overcome the hurdle at the 50-day moving average ($0.47).

XRP/USDT daily chart. Source: TradingView

The 20-day moving average is starting to rise and the RSI is just above the midpoint, which indicates that the bulls have a slight advantage. This increases the probability of a rally above the 50-day SMA. The XRP/USDT pair could then start rising to $0.54 and eventually to $0.58. This area is likely to see aggressive selling by the bears.

The first support to watch on the downside is the 20 day EMA. Sellers will have to drag the price below this level to gain the upper hand. The pair may then drop to $0.43 and later to the crucial support at $0.40.

4 hour XRP/USDT chart. Source: TradingView

The 4 hours chart shows that the recovery trend reversed from the downtrend line. This indicates that the bears are aggressively guarding the downtrend line. The sellers are trying to hold the price below the 20-EMA and extend the pullback to the 50-SMA.

Alternatively, if the price rises from the current level and climbs above the downtrend line, it will signal the beginning of a short-term bullish move. Minor resistance is at USD 0.48 but it is likely to be crossed. After that, the pair may rise to $0.54.

Litecoin price analysis

Litecoin (LTC) has been trading in a narrow range between the 50-day SMA ($89) and the overhead resistance at $96 in the past few days. This indicates indecision between bulls and bears.

LTC/USDT daily chart. Source: TradingView

The 20-day moving average ($88) has turned higher and the RSI is in positive territory, indicating that the bulls have the advantage. This enhances the odds of a rally above the $96 resistance. If this happens, the LTC/USDT pair could rise to $106. This level may again attract strong selling from the bears.

This positive outlook will be invalidated in the near term if the price declines and falls below the moving averages. Such a move would suggest that the pair might remain stuck between $79 and $96 for some time.

4-hour chart LTC/USDT. Source: TradingView

The 4 hours chart is showing that the bulls are trying to defend the 20-EMA. This indicates a change in sentiment from selling on rallies to buying on dips. If the price rebounds from the current level, the bulls will again try to remove the upper barrier at $96.

However, bears will not give up without a fight. They are trying to sink the price below the 20-EMA. If they succeed, the pair may collapse to the 50-SMA. A breakdown of this support could open doors for a drop to $86, then $82.

Related: Bitcoin and Ethereum bears are back in control – two derivative metrics suggest

Provide symbol price analysis

Render symbol (RNDR) is in an uptrend. Buyers pushed the price above the $2.60 overhead resistance on May 21, but the long wick on the candle shows selling at higher levels.

RNDR/USDT daily chart. Source: TradingView

Bullish moving averages and the RSI just below the overbought area suggest that the bulls are in control. Buyers will make another attempt to push the price above the psychological barrier of $3. If they can do so, the RNDR/USDT pair could rise to $3.35.

The first support to watch on the downside is the 20 day moving average ($2.10). If this level fades, it would indicate that a break above $2.60 could be a bull trap. The pair may then drop to the 50-day SMA ($1.87).

RNDR/USDT 4-hour chart. Source: TradingView

The bulls are struggling to keep the price above the general resistance at $2.60, indicating a possible bull trap. Sellers will try to consolidate their positions by dragging the price below the immediate support at the 20-EMA. If they do, the pair could drop to the 50-SMA.

However, the bullish moving averages and the overbought RSI suggest that buying on the lows is likely. If the buyers push the price and keep it above $2.60, the pair may rise to $3.

Conflux price analysis

Conflux (CFX) is trading within a descending channel pattern. The bulls bought the dip to the support line on May 12, indicating strength in demand at lower levels.

CFX/USDT daily chart. Source: TradingView

The 20-day moving average ($0.29) and the RSI have flattened near the midpoint, indicating that selling pressure has diminished.

Buyers tried to cross the upper barrier at the 50-day simple moving average ($0.32) on May 16, but the bears held out. One small positive in favor of the bulls is that they did not allow the price to fall back below the 20-day moving average. This indicates buying on dips.

The bulls are likely to make another attempt to push the price above the 50-day SMA. If they succeed, the CFX/USDT pair could reach the downtrend line, which is again likely to act as massive resistance.

4 hour CFX/USDT chart. Source: TradingView

The 4 hours chart shows that the price is correcting the sharp rise from $0.22 to $0.33. Buyers are trying to defend the 38.2% Fibonacci retracement level at $0.29 which is a positive sign.

If the buyers maintain the price above the resistance line, it will indicate that the bulls are back in the driving seat. The pair may rise first to $0.33 and later to $0.37. Alternatively, a break and close below $0.29 could start a deeper correction towards $0.28 and then $0.27.

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

This article is for general information purposes and is not intended and should not be considered legal or investment advice. The views, ideas and opinions expressed herein are those of the author alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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