Bitcoin’s Uncertainty May Lead Investors to SUI, APT, TAO, and WIF

Bitcoin (BTC) has made a swift recovery after dipping below $60,000 earlier in the week, yet buyers continue to face challenges in maintaining elevated price levels. The pursuit of buying on dips and selling on rallies indicates the creation of a narrow trading range in the short term.

On a positive note, robust demand is observed at lower price levels. Following three consecutive days of outflows, U.S.-based spot Bitcoin exchange-traded funds saw inflows of $253.6 million on October 11.

Bitcoin is currently experiencing sideways trading action, although some analysts are displaying a bullish stance on altcoins. Analysts suggest that, based on certain metrics, altcoin markets might be entering an “up-only season.”

If Bitcoin can maintain a price above $60,000, traders may start to shift their focus toward select altcoins. Let’s examine the top 5 cryptocurrencies showing strength on the charts.

Bitcoin price analysis

On October 11, Bitcoin managed to break above the 20-day exponential moving average ($62,119), yet bulls were unable to push the price up to the overhead resistance of $65,000.

Sellers are attempting to drive the price below the 20-day EMA. If successful, the BTC/USDT pair could decline to the 50-day simple moving average ($60,727). The crucial support zone between the 50-day SMA and $60,000 needs to be defended by the bulls; a break below this could lead to a drop towards $57,500.

Conversely, should the price rebound strongly off the 20-day EMA, it would indicate that bulls are actively buying on small dips, potentially pushing the pair to rally towards $66,500. This level may present a significant challenge again, but if the bulls prevail, the upward movement could reach $70,000.

The 4-hour chart illustrates that the price has retreated from the resistance line of a descending channel pattern but is finding support at the moving averages. If the price rallies from these moving averages, bulls will target a move above the channel, initiating a rise to $65,000.

If, however, the price drops and remains below the moving averages, it will indicate that the pair might continue to oscillate within the channel for a longer duration. This could see the pair fall back to $60,000.

Sui price analysis

Sui (SUI) rebounded from the 20-day EMA ($1.82) on October 11 and surged past the $2.18 overhead resistance on October 12.

Bears are attempting to hold the price below the breakout level of $2.18 to ensnare aggressive bulls. If successful, the SUI/USDT pair might experience a correction towards the 20-day EMA, which remains a crucial support level. A breach below the 20-day EMA could initiate a more significant correction to $1.60.

In contrast, if the price stays above $2.18 at the close, it would indicate bulls are flipping that level into support, which could trigger the next phase of the uptrend towards $2.50 and potentially $3.

The $2.18 level is expected to witness a fierce contest between bulls and bears. If the price drops below $2.18 but rebounds off the 20-EMA, it would suggest that dips are being targeted for purchases, raising the likelihood of an upside breakout and the continuation of the uptrend.

On the other hand, a break below the 20-EMA would imply that short-term bulls are taking profits, which could prompt a decline toward the uptrend line. A breach below this support could result in a drop to $1.60.

Aptos price analysis

In Aptos (APT), the upward movement is confronting selling pressure near the $10.50 overhead resistance, indicating that bears remain active at elevated price levels.

To enhance the chances of a breakout above $10.50, buyers need to maintain the price above $9.50. If they succeed, the APT/USDT pair could accelerate towards $14.50, where profit-taking may commence.

On the downside, should the price break below $9.50, the pair may decline to the 20-day EMA ($8.48). A significant rebound from the 20-day EMA could prompt another attempt to push the pair above $10.50, whereas a breach below the 20-day EMA would be a signal that bears are trying to regain control.

The 4-hour chart indicates that bears are attempting to defend the $10.50 level; however, a minor positive is that buyers have not ceded much ground. This suggests that buyers are optimistic about a future increase. A breakout and close above $10.50 could pave the way for a rally to $12.

Conversely, if the price declines and breaks below the 20-EMA, it will signal that bulls are yielding and taking profits, potentially dragging the pair down to the 50-SMA.

Related: Gate Ventures, Movement Labs, Boon Ventures to launch $20M crypto fund

Bittensor Token price analysis

Bittensor (TAO) has been on an upward trend in recent days. Bears have attempted to bring the price below the breakout level of $530, but bulls have managed to hold firm.

While sellers are attempting to stop the upward movement at $680, the likelihood of a breakout increases if bulls maintain their position. The TAO/USDT pair could then reach the resistance level at $760.

Although the upward-sloping moving averages suggest a favorable outlook for buyers, negative divergence on the RSI indicates diminishing momentum. If the price dips below the 20-day EMA ($560), the pair could fall to $489.

The 4-hour chart reveals a bearish rising wedge pattern. If the price falls below the moving averages, bears will seek to bring the pair below the support line. Success in this would likely see the pair drop to $489 and eventually to the pattern target of $433.

In contrast, if the price rebounds from the moving averages, it increases the likelihood of a breakout above the resistance line. Failure to execute a bearish pattern can signal bullish sentiment, possibly initiating a rally to $760.

Dogwifhat price analysis

Dogwifhat (WIF) successfully retested the breakout level on October 10, signifying a short-term trend change.

Bears are endeavoring to stall the upward trend at $2.89, yet this level may soon be surpassed. If buyers can keep the price above $2.89, the WIF/USDT pair could soar to $3.58 and eventually reach $4.

The key downside level to monitor is the 20-day EMA ($2.34). A drop and close below this would signify early profit-taking by bulls, likely resulting in a decline towards the 50-day SMA ($1.90).

Both moving averages on the 4-hour chart are trending upward, and the RSI remains in positive territory, indicating a bullish edge. If buyers push the price above $2.89, the pair could reach the resistance line around $3.1. This level may attract selling pressure; however, if bulls remain persistent, it could gain momentum and surge towards $3.58.

This optimistic outlook would be compromised if the price continues to decline and breaks below the 20-EMA, potentially dragging the pair down to the support line of the channel.