Aug 28, 2023

Exploring the Lucrative Benefits of Crypto Price Stability for TON, XMR, MNT and QNT

Bitcoin (BTC) has been relatively quiet over the weekend. According to Ki Young Ju, CEO of CryptoQuant, who posted on X (formerly Twitter), Bitcoin’s velocity has reached a three-year low. He suggested that this could be interpreted as either a positive sign, with whales holding onto their positions, or a negative one, with the lack…

Bitcoin Price Stability Creates Lucrative Setups in QNT Crypto
Bitcoin price stability creates lucrative setups in TON, XMR, MNT and QNT

Bitcoin (BTC) has been relatively quiet over the weekend. According to Ki Young Ju, CEO of CryptoQuant, who posted on X (formerly Twitter), Bitcoin’s velocity has reached a three-year low. He suggested that this could be interpreted as either a positive sign, with whales holding onto their positions, or a negative one, with the lack of transfer to new investors.

Investors remain perplexed as to what the next trending move will be. However, JPMorgan analysts recently offered a positive outlook, suggesting that the downtrend for Bitcoin may be coming to an end. This is supported by the declining open interest in Bitcoin futures contracts on the Chicago Mercantile Exchange, which could indicate that the long liquidation period has ended.

While Bitcoin is yet to decide its next move, some altcoins are displaying signs of strength. These altcoins may take a turn for the worse if Bitcoin’s range resolves to the downside, but if Bitcoin turns up or remains in a range, they could present a short-term trading opportunity.

Exploring the Charts of Top-Five Cryptocurrencies

Let’s take a look at the charts of the top-five cryptocurrencies that could rise in the near future, and identify the levels that need to be crossed for the bulls to take charge.

Bitcoin price analysis

On Aug. 26, Bitcoin formed an inside-day candlestick pattern, revealing hesitation between bulls and bears about the direction of the next move.

The downsloping 20-day exponential moving average ($27,222) and the relative strength index (RSI) in the oversold zone suggest that bears are in control. Despite that, bulls are determined to defend the $24,800 level.

A strong recovery of the BTC/USDT pair may take place if buyers push the price above the 20-day EMA. This could lead to a possible rally to the 50-day simple moving average ($28,888).

Conversely, if the price falls below $24,800, the pair could start a downtrend to $20,000. The 20-day EMA is flattening out, and the RSI is near the midpoint on the four-hour chart, which implies equilibrium between supply and demand.

If the price falls below $25,700, the pair could drop to $25,166 and then to $24,800. On the other hand, if the pair sustains above the moving averages, it will signal that the bulls have absorbed the selling. There is a minor resistance at $26,314, but if this is breached, the pair could climb to $26,610 and, later, to $26,833.

Toncoin price analysis

The inverse head and shoulders pattern for Toncoin (TON) will be completed on a break and close above $1.53.

The 20-day EMA ($1.38) with its gradual upslope and the RSI in the positive zone signify that the path of least resistance is upwards. If buyers can push the price beyond $1.53, the TON/USDT pair may start a new uptrend and reach the pattern target of $1.91.

However, the bears are expected to defend the $1.53 level and drag the price below the moving averages. If they succeed, the pair could slide to $1.25 and, eventually, to $1.15.

The four-hour chart displays that the $1.53 level may be a strong barrier for the buyers to cross. If the price turns down from this level but rebounds off the 20-day EMA, it will suggest that the bulls are buying on minor dips. This could increase the chances of a break above $1.53. The pair may then rally to $1.70.

Alternatively, if the price turns down and breaks below the 20-day EMA, it will indicate that traders are booking profits near $1.53. The pair may then decline to the 50-day SMA and, subsequently, to $1.33.

Monero price analysis

The bulls have been fiercely defending the level as Monero (XMR) rebounds off the uptrend line for the second time in recent days.

The XMR/USDT pair could reach the 20-day EMA ($148), which could act as a strong resistance. If the buyers can hold their ground here, then there is a chance of the pair climbing above the 20-day EMA and then to the 50-day SMA ($157), where the bears may step in.

If the price drops sharply from the 20-day EMA, it could be a sign that the bears are still selling on rallies. This may push the pair back to the uptrend line. If this support level fails, the pair could fall to $125 and then to $115.

The bulls have pushed the price above the moving averages on the four-hour chart, which implies that the bears may be losing their grip. There is a strong resistance at $150, but if this is broken, the pair may go up to $160. The rising 20-day EMA and the RSI in the positive territory indicate a slight advantage to the buyers.

The first indication of weakness will be a break and close below the moving averages. This could drag the price back to the uptrend line. A break below this support could send the pair tumbling to $125.

Mantle price analysis

Since reaching its peak at $0.60 on July 20, Mantle (MNT) has been on a steep decline, sending the Relative Strength Index (RSI) into oversold territory and suggesting that a bounce back may be in the cards.

The outside-day candlestick formation on Aug. 25 suggests that buyers are trying to take control. The MNT/USDT pair could first move up to the 20-day Exponential Moving Average (EMA) ($0.45), which is a key level to watch. If buyers can break through this resistance, the pair could go up to the 38.2% Fibonacci retracement level of $0.48.

On the other hand, if the price retreats from the 20-day EMA, it will signify that sellers are still pushing the price down on every minor rally. This could lead to a retest of the $0.41 support level. If this level fails, the pair might fall to $0.35.

The four-hour chart reveals that bulls have pushed the price above the moving averages but are having trouble initiating a major rally. This implies that bears are still present and may resist at higher levels.

If the price drops below the moving averages, it will give the bears an edge and raise the odds of a break below $0.41.

Alternatively, if the price holds above the 20-day EMA, it will indicate that buyers are buying the dips. The pair may then attempt to rally to $0.47 and, possibly, to $0.52.

Quant price analysis

The QNT/USDT pair has seen a strong demand at higher levels, as evidenced by the rebound off the strong support at $95 on Aug. 17 and the rise above the moving averages on Aug. 26. Bulls are now attempting to sustain the momentum and take the price to the downtrend line.

This could be a difficult battle between buyers and sellers. If the price turns down from this level but bounces back off the 20-day EMA ($101), it could be a sign of a shift in sentiment from selling on rallies to buying on dips. This could increase the chances of a rally above the downtrend line, potentially leading to a surge to $120.

The four-hour chart shows the moving averages have turned up and the RSI is in the positive territory, which suggests the bulls are making a return. The pair could rally to the downtrend line, where the bears may yet again put up a good fight.

On the downside, the moving averages are expected to act as strong supports. A break and close below the 50-day SMA will indicate that the recovery may be over. The QNT crypto pair may then slump to $98.

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