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Home Markets Cryptos

4 coins that could turn bullish if Bitcoin price stabilizes

Ajibola Akamo by Ajibola Akamo
September 27, 2022
in Cryptos
4 coins that could turn bullish if Bitcoin price stabilizes
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Although Bitcoin marginally declined last week, there are still concerns of further downside, as there are strong indications its price could close below $15,000, according to analysts. This is because the actions of macroeconomic policies are still weighing down on riskier assets like the cryptocurrency market. While a new multi-year weekly close is a negative sign, sellers will have to sustain the lower levels or else it may turn out to be a bear trap. The price action of the next few days is likely to witness heightened volatility as both the bulls and the bears battle it out for supremacy.

In comparison, major United States stock market indices continued their decline last week as worsening macroeconomic conditions increased concerns of a global recession. The Dow Jones Industrial Average closed at its lowest level in 2022 and major indices recorded their fifth weekly close in the past six weeks.

Several investors miss opportunities to buy during sharp corrections because they try to catch the bottom. Traders should rather focus on the projects they like and accumulate the coins in a phased manner lasting a few weeks or months. All coins do not bottom at the same time, hence it is better to focus on individual cryptocurrencies that show strength.

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Let’s look at five cryptocurrencies that have a high return potential and look interesting in the near term, according to Rakesh Upadhyay, technical analysis trader and contributor on Cointelegraph.

ATOM

ATOM, the native token of the Cosmos blockchain has been trading above the breakout level of $13.46 for the past several days, indicating that the sentiment remains positive and traders are buying on dips. The 20-day EMA ($14.22) has flattened out and the RSI is near the midpoint, indicating a balance between supply and demand. If the price breaks above $15.26, the short-term advantage could tilt in favor of the buyers. ATOM’s price could then rise to $17.20. This level may again act as a resistance but if buyers thrust the price above it, the pair could pick up momentum and rise to $20.34 and later to $25. Contrary to this assumption, if the price turns down and breaks below the 50-day SMA ($12.90), the advantage could tilt in favor of the bears. The pair could then decline to $10.

ATOM has been stuck between $13.45 and $17 for some time. Buyers aggressively defended the support at $13.45 and are attempting to push the price above the 50-SMA. If they do that, the likelihood of a rally to $16 and thereafter to $17 increases. Conversely, if the price turns down from the current level and breaks below the 20-EMA, it will suggest that bears continue to sell on rallies. That could pull the price to the strong support at $13.45. The sellers will have to sink the pair below $13 to clear the path for a possible drop to $11.50.

ALGO

ALGO is the native token of the Algorand blockchain. The uncertainty of the range-bound action between $0.27 and $0.38 resolved to the upside on Sept. 23, indicating the start of a new up-move. If that happens, Algorand (ALGO) could still be in its first leg of the uptrend. The important level to watch on the downside is $0.38. If bulls flip this level from resistance to support, it could increase the likelihood of the start of a new uptrend. We could see ALGO’s price then rally to $0.45 and later to $0.50. This bullish view could invalidate in the near term if the price slips below $0.38 and re-enters the range. That could sink the price to the 20-day EMA ($0.33). If the price rebounds off this level, the bulls will again try to clear the overhead resistance.

The price rose above the overhead resistance at $0.38 but the bulls could not build upon this momentum. This shows that the bears have not yet given up and they continue to sell on rallies near $0.41. If bears pull the price below the 20-EMA, ALGO could drop to $0.36. This is an important level for the bulls to defend because a break below it could open the doors for a possible drop to the 50-SMA. On the upside, the bulls will have to push the price above $0.41 to signal the resumption of the uptrend.

CHZ

CHZ is the native token of Chiliz, the leading digital currency for sports and entertainment by the eponymous Malta-based FinTech provider. Its price has recovered sharply from its June lows and the bulls cleared the overhead resistance at $0.26 on September 22nd, signaling the resumption of the uptrend. When a coin moves against the market sentiment, it warrants a close look.

From investigations, we find that the bears have been trying to sink the price below the breakout level of $0.26 for the past three days but the bulls have held their ground. This shows that bulls are viewing the dips as a buying opportunity. The rising moving averages and the RSI in the positive territory indicate that buyers are in command.

If the price turns up and breaks above $0.28, CHZ could rally to the next stiff resistance at $0.33. Conversely, if the price turns down and breaks below $0.26, it will suggest that traders may be rushing to the exit. The price could first drop to the 20-day EMA ($0.23) and later to the 50-day SMA ($0.21).

Both moving averages are sloping up indicating advantage to buyers but the negative divergence on the RSI shows that the bullish momentum may be weakening. If bears sink the price below $0.26, the pair could drop to the 50-SMA. This is a key level for the bulls to defend because if it gives way, the pair could drop to $0.22. On the other hand, if the price rebounds off $0.26 and rises above $0.28, the uptrend could resume and the price could then rally to $0.32.

QNT

QNT is the native token of Quant, a platform that aims to connect blockchains and networks on a global scale, without reducing the efficiency and interoperability of the network. The token is showing strength as it is trading above both moving averages. Even when the sentiment across the cryptocurrency sector has been negative, it has managed to charge higher.

The bears had been defending the $112 level for many days past but the bulls pierced through the resistance on Sept. 24 and pushed the price to the downtrend line. The long wick on the day’s candlestick shows that the bears are trying to stall the uptrend at this level.

A minor positive is that the bulls bought the dip to $112 on Sept. 25, suggesting that buyers are trying to flip this level into support. The price could once again rise to the downtrend line. If this hurdle is cleared, the pair could soar to $133 and later to $154. Alternatively, if the price turns down and breaks below $112, the next stop could be the 20-day EMA ($106). A break below this support could pull the price to $95.

The pair picked up momentum after breaking above $112 and reached near the downtrend line. This pushed the RSI into the overbought territory, which may have tempted the short-term traders to book profits. The price rebounded off $112, indicating that the sentiment remains positive and traders are buying on dips. The price could rise to $121 and thereafter to the downtrend line. On the downside, a break below $112 could sink the pair to the 50-SMA and thereafter to $95.


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Tags: ALGOAlgorand blockchainATOMBitcoinCHZCosmos blockchainQNTQuant
Ajibola Akamo

Ajibola Akamo

Ajibola Akamo is an Investment Analyst, Financial Analyst, Economist and Accountant. You may contact him via his email ajibolaakamo@yahoo.com

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