Crypto analyst Rakesh Upadhyay says that Bitcoin price has entered a slow recovery process, increasing the bullish momentum for these 4 altcoins. The analyst examines the charts of these 4 tokens that look strong on the charts.
Bitcoin (BTC) price analysis
Bitcoin found support around $50,500. Also, it faced resistance near $53,000. Thus, it indicates consolidation in a narrow range. This is a positive sign that the bulls are not quick to break out. Rising moving averages and the relative strength index (RSI) near the very overbought zone indicate that the bulls have the upper hand.
BTC/USDT daily chart. Source: TradingViewA breakout and a close above $53,000 could open the doors for a rally to $60,000. Time is running out for the bears. If they want to prevent the rally, they will need to quickly sink the price below the $48,970 breakout level. If they do so, it is possible for BTC to drop to the easy 50-day moving average ($45,542).
Ethereum (ETH) price analysis: There is $ 3,650 in the target for the altcoin
ETH has been in a strong uptrend for the last few days. The bears tried to stop the rise near $3,000. But the shallow correction shows that the bulls do not want to give up. The rising 20-day exponential moving average ($2,784) and the RSI in the overbought zone suggest the bulls are in control. A close above $3,000 will likely start the next leg of the uptrend. It is possible for ETH to rise first to $3,300 and then to $3,650.
ETH/USDT daily chart. Source: TradingViewThe first support on the downside is $2,850 followed by the 20-day EMA. A break below the 20-day EMA will indicate that the bulls will quickly book profits. It is possible that the altcoin price declines to $2,717 and eventually to the 50-day SMA ($2,527).
Uniswap (UNI) price analysis: Are the bulls paving the way for $17?
UNI broke out above overhead resistance at $7.79 on February 23. Thus, it showed that the bulls had taken control. The long wick on the February 24 candlestick indicates aggressive profit booking around $12.85. This started a correction that will likely find a footing at the 50% Fibonacci retracement level at $9.91. If the price turns higher from the current level, the bulls will try to push UNI to $11.63 and then to $12.85. A likely break above $12.85 will pave the way for a rally to $17.
UNI/USDT daily chart. Source: TradingViewConversely, if the price declines below $9.91, the next stop will likely be the 61.8% Fibonacci retracement level of $9.21. Generally, a break below the 61.8% retracement level indicates an end to the uptrend.
Filecoin (FIL) price analysis: Altcoin is on its way to $10!
The bulls failed to push FIL above the $8.12 resistance in the past few days. But they kept up the pressure. The bulls are again trying to clear the upper zone between $8.12 and $8.57. If they are successful, this will signal that the uptrend has started again. It is possible for the altcoin price to reach the $10 resistance, where the bears will make a strong defense.
FIL/USDT daily chart. Source: TradingViewContrary to this assumption, if the price turns down and breaks below $7.70, it would indicate that the bears are fiercely defending the overhead zone. This is likely to initiate a decline towards the 20-day EMA ($6.74), which is expected to act as a strong support.
The Graph (GRT) price analysis: These levels are on the table for the altcoin!
GRT broke above the overhead resistance of $0.23 on February 18. Thus, it showed that the upward trend had started again. The bears are trying to stop the rise near $0.30. However, it is a positive sign that the bulls did not allow the price to fall below the $0.23 breakout level. This shows that the dips were bought. If the price stays above $0.30, it is possible for the altcoin price to rise to $0.37.
GRT/USDT daily chart. Source: TradingViewThe risk of upside movement arises from the overbought level in the RSI. This points to a possible correction or consolidation in the near term. If the price falls below the 20-day EMA ($0.22), the trend will favor the bears.
The opinions and assumptions in the article are those of the analyst and are not necessarily investment advice. cryptokoin.comWe strongly recommend that you do your own research before investing.
