The Bitcoin price range is nearing $100,000, with investors eyeing DOGE, SUI, PEPE and FTM
2024-12-20 15:27

The $100,000 mark continues to witness a fierce battle between bulls and bears. CryptoQuant contributor Percival said in a Quicktake blog post on Dec. 6 that Bitcoin's weekly strength has been exhausted, suggesting a consolidation over time.

Short-term uncertainty and volatile price action have not changed analysts' long-term bullish views on Bitcoin. WeRate co-founder Quinten Francois said in a post on X that Bitcoin is "entering an excitement phase," which could extend the rally for up to 12 months before it forms a cycle top.

In addition to Bitcoin, Donald Trump's victory in the US presidential election has also boosted the price of various altcoins. However, Felix Hartmann, managing partner at Hartmann Capital, said in an article on X that venture capitalists and teams are likely to invest heavily in altcoins, which could cause the price of altcoins to fall significantly.

If Bitcoin enters a period of consolidation, will select altcoins continue to outperform in the near term? Let's take a look at the top 5 cryptocurrencies with strong chart structure.

 

Bitcoin price analysis
Bitcoin is facing resistance near the psychologically key level of $100,000, but the bulls are not rushing for the exit.

The tight consolidation near $100,000 raises the prospect of an upside breakout. If buyers push the price above $104,088, bullish momentum could gain momentum and the BTC/USDT pair could surge to $113,331 and then to $125,000.

The 20-day exponential moving average ($95,285) is a key short-term support level to watch. A break below this level indicates that bulls are rushing to take profits. The pair could fall to $90,000 and subsequently to the 50-day simple moving average ($84,110).

The pair has been trading above the moving average, indicating a slight advantage for the bulls. The uptrend is expected to face strong resistance in the $101,900 to $104,088 area. A break in this area could push the pair to $113,331.

Conversely, breaking below and closing below the moving average may induce short-term long profit-taking. That could push the price up to $90,000, which could attract buyers. If the price rebounds from $90,000 and rises above the moving average, it will signal range formation. The pair may trade between $90,000 and $104,088 for some time.

 

Dogecoin price analysis
Dogecoin has been rising within an upward channel pattern, indicating that buyers have the upper hand.

The bulls tried to push the price up to the upper resistance of $0.48, but the bears held their ground. If the price rises from current levels or the 20-day EMA ($0.41), the bulls will again try to push the DOGE/USDT pair to the channel resistance line. The bears are expected to fully defend the resistance line, as a breach of it could push the pair to $0.60.

If the bears want to stop the upside, they must pull the price below the channel support line. The pair could then fall to the 50-day moving average ($0.30).

The pair is supported at 20-EMA, indicating positive sentiment. The bulls will once again try to break the upper resistance of $0.48. If successful, the pair may rise to the channel resistance line. If the price drops sharply from the resistance line and falls below 20-EMA, it indicates that the pair may stay in the channel for a while.

Conversely, a break and close above the resistance line would signal the start of the next uptrend, with a target of $0.60.

 

Price analysis of SUI currency
The price of the SUI coin is facing resistance near $4.50, but the bulls have not given up much space to the bears. That suggests buyers expect the rally to continue.

The SUI/USDT pair could fall to $3.94 and then to the 20-day EMA ($3.66). If the price rebounds from the 20-day moving average, bulls will try to break through the $4.50 head resistance. If they succeed in doing so, the pair could start the next uptrend, rising to $5.31.

A secondary issue is the negative divergence that is developing on the RSI. If the price falls below the 20-day EMA, it indicates that bulls are taking profits. This could send the pair down to 50-day A ($2.93).

The bulls have failed to push the price above $4.50 and may begin a pullback to $4. This is an important support level to watch out for, as a strong rally would increase the likelihood of a break above $4.50.

Conversely, a break below $4 and a close indicates that the bears are trying to regain dominance. The pair could then fall to 50-A. If this support level falls, the pair could fall to $3.

 

PEPE coin price analysis
The PEPE price has reached the upper resistance level of $0.000027, where the bulls and bears may engage in a fierce battle for supremacy.

The 20-day EMA ($0.000021) is on an upward trend and the RSI is in overbought territory, indicating favorable conditions for buyers. If the bulls hold the price above $0.000027, the PEPE/USDT pair could surge to $0.000035 and then to $0.000044.

Contrary to this assumption, if the price falls from $0.000027, it indicates that the bears are fiercely defending that level. The pair could then fall to the 20-day EMA. Sellers must push prices below the 20-day EMA to gain the upper hand.

The bears pulled the price down below $0.000024, but the bulls took advantage to buy to 20-EMA. The bulls are once again trying to push the price above $0.000027. If they can succeed, the pair could soar to $0.000035.

Time is running out for the bears. If they want to make a comeback, they'll have to pull prices down below their moving averages quickly. The pair could then fall to strong support near $0.000017.

 

FTM coin price analysis
The FTM coin price broke the upper resistance level of $1.23 on December 2, as the bulls thwarted the bears' attempts to pull the price back below the breakout level. This suggests that buying dips is sound.

The 20-day moving average ($1.09) is up and the RSI is in overbought territory, indicating that buyers have the upper hand. The bulls will try to push the price towards $1.68, which could prove to be a solid barrier. However, if buyers push the price above $1.68, the rally could extend to $2.

The key support level to watch on the downside is $1.23. A break and close below this support would indicate that bullish momentum is waning. The FTM/USDT pair may fall to the 20-day EMA.

The pair has rebounded from the 20-EMA, indicating solid buying with each small decline. If buyers push the price above $1.39, the pair could resume its uptrend towards the next target of $1.68.

Alternatively, if the price drops sharply from $1.39 and falls below 20-EMA, it indicates that bears are active at higher levels. The pair could then fall to 50-A. A break below 50-A May shift the short-term advantage to the bears.