Nov 27, 2023

Bitcoin Struggles to Flip $38K as UNI, IMX, VET and ALGO Aim High

On Nov. 24, Bitcoin (BTC) rose above $38,000, but the bulls could not build upon this strength, indicating hesitation to buy at higher levels. This could be seen in the Doji candlestick pattern that Bitcoin is on track to form on the weekly chart for the second consecutive week, suggesting indecision among the bulls and…

Bitcoin Struggles to Flip $38K, UNI, IMX, VET and ALGO Aim to Push Higher on Top 5 Web 3.0 Crypto Websites.
Bitcoin struggles to flip $38K to support, while UNI, IMX, VET and ALGO aim to push higher

On Nov. 24, Bitcoin (BTC) rose above $38,000, but the bulls could not build upon this strength, indicating hesitation to buy at higher levels. This could be seen in the Doji candlestick pattern that Bitcoin is on track to form on the weekly chart for the second consecutive week, suggesting indecision among the bulls and the bears about the next directional move.

Despite Bitcoin maintaining near its 18-month high, BitMEX co-founder Arthur Hayes remained bullish. In a X (formerly Twitter) post, Hayes said that the United States dollar liquidity was increasing, which is likely to push Bitcoin higher. PlanB, creator of the stock-to-flow family of BTC price models, also shared his bullish projection in a post on X, predicting that Bitcoin may not stay at the current levels for long and may average at least $100,000 between 2024 and 2028.

Analysts are becoming increasingly bullish, but traders should still exercise caution as every uptrend is bound to have corrections. Could Bitcoin soar above $38,000 or start a corrective phase? Let’s look at the top 5 cryptocurrencies that may outperform in the near term.

Bitcoin price analysis

The recent surge in Bitcoin prices has stalled near $37,980, but traders are not in a rush to liquidate their positions, suggesting that they expect the uptrend to continue.

The immediate support is the 20-day exponential moving average ($36,546). If the price rebounds from this support, it will indicate that buyers are taking advantage of every dip. This could lead to a break above $37,980, potentially pushing the BTC/USDT pair to $40,000.

If buyers are able to defend the $38,000 level, the rally could extend to $48,000. On the other hand, if the price drops below the 20-day EMA, it will show that traders are cashing out. The pair could then drop to $34,800.

The bulls are trying to keep the price above the moving averages, but they are having difficulty breaking through the resistance at $37,980. The RSI is just above the midpoint, indicating that the bullish momentum is weakening.

If the price falls below the 50-simple moving average, the pair may fall to the uptrend line. The bulls are likely to defend this level aggressively. A break and close above $38,500 will suggest that the bulls are in control.

Uniswap price analysis

On Nov. 21, the Uniswap (UNI) price dropped below its 20-day EMA ($5.44), however, the bulls reacted quickly and initiated a sharp rally on Nov. 22, pushing the price to $6.60 on Nov. 24.

At the moment, the UNI/USDT pair is facing resistance at the $6.70 level. It has since pulled back to the 38.2% Fibonacci retracement level of $5.92, and could possibly drop to the 50% retracement level of $5.71.

If the price bounces off this zone, it will show that traders are buying the dip. This could lead to a breakout above $6.70, which would complete a double bottom pattern with a target objective of $9.60. However, if the price falls below the 61.8% Fibonacci retracement level of $5.50, the bullish momentum will weaken.

The bears had the upper hand when they pulled the UNI price below the 20-EMA, leading to a deeper correction. If the price continues to stay below the 20-EMA, it could drop to the 50-SMA.

Nevertheless, if the price turns up from the current level or rallies off the 50-SMA, it will indicate that traders are buying the dip. This could result in a push to the overhead resistance of $6.70, and if that is surmounted, the UNI price could skyrocket to $7.80.

Immutable price analysis

IMX/USDT pair has been trading above the crucial level of $1.30 for the past few days, suggesting that bulls are in control.

The price may come down to the zone between $1.30 and the 20-day EMA ($1.20). This range could be a battleground between bulls and bears, however, if buyers succeed, IMX crypto could surge to $1.86.

Alternatively, if sellers pull the price below the support level, it could trigger stops of short-term traders and lead to a steeper correction to the psychological level of $1.

The 20-EMA on the 4-hour chart has flattened out, and the RSI is just below the midpoint, indicating that a consolidation is likely in the near future. The first support on the downside is $1.30. If buyers keep the price above this point, it will mean that $1.30 is acting as a new floor.

On the upside, a break above $1.50 would signal the resumption of the rally crypto. The pair may travel to $1.59 and then to $1.63. In contrast, a fall below $1.20 could shift the short-term advantage in favor of the bears.

VeChain price analysis

Buyers pushed VeChain (VET) over the resistance of $0.023 on Nov. 26, but they are currently having difficulty keeping the prices up, as evidenced by the long wick on the candlestick.

Sellers are trying to take advantage of the bullish investors and bring the price down to the 20-day EMA ($0.021). If the price rebounds from this level, it could signify a positive sentiment. The bulls may then try again to break past the $0.023 barrier. If successful, the VET/USDT pair could rally to $0.027 and possibly reach the pattern target of $0.031.

On the other hand, if the bears sink the price below the 20-day EMA, it could mean that the pair could be stuck in a range between $0.014 and $0.023 for a while.

The pair has already slipped back below the breakout level of $0.023, which shows that the bears are still present and selling at higher levels. The pair could next reach the 20-EMA, which is an important level to watch.

If the price bounces off the 20-EMA, the bulls will try once more to break above $0.023 and start a new rally to $0.027. Conversely, if it breaks below the 20-EMA, it could start a deeper correction to $0.020.

Algorand price analysis

On Nov. 25, Algorand (ALGO) hit the overhead resistance of $0.14, where the bears are expected to put up a strong fight.

If the bulls don’t give up much ground from the current level, it will imply that traders are keeping their positions, expecting a rise. This could increase the prospects of a rally beyond the $0.14-$0.15 resistance zone. If this happens, the ALGO/USDT pair will form a cup-and-handle pattern with a target of $0.20.

If the bears want to prevent the up-trend, they have to push the price below the critical support at $0.12. If this level fails, the pair may drop to $0.11 and then to $0.09.

The 4-hour chart shows that the pair is oscillating inside the $0.12 to $0.15 range for some time. Traders usually buy near the support and sell close to the resistance in a range, so it is difficult to predict the direction of the breakout with certainty; hence, traders may consider waiting for the breakout before taking large positions.

If the price breaks above $0.15, the pair is likely to kick off the next leg of the up-move. The pair may first surge to $0.18 and then to $0.20. This bullish view will be invalidated if the price turns down and falls below $0.12.

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