- Bitcoin’s price consolidation between $93K and $98K could influence altcoin performance in coming days
- SUI, BGB, ENA, and VIRTUAL are poised for potential gains if Bitcoin maintains upward momentum
As Bitcoin [BTC] struggles to find a clear direction, several altcoins, including SUI, BGB, ENA, and VIRTUAL, are demonstrating notable strength, positioning them for potential outperformance.
While Bitcoin’s recent recovery has sparked mixed market sentiment, these altcoins stand to benefit if Bitcoin manages to sustain its position above $100,000.
With ongoing uncertainty in the broader market, the performance of these altcoins could provide valuable opportunities for traders as they look to capitalize on shifting market dynamics.
This article delves into the current trends of Bitcoin and these altcoins, exploring key factors that could influence their price movements in the near term.
Bitcoin price analysis
Bitcoin rebounded from the 50-day SMA at $93,320 on 22nd December, suggesting that buyers are attempting to defend this critical support. However, the recovery remains capped by resistance at the 20-day EMA at $98,462.
Source: TradingView
With both moving averages showing signs of flattening, there’s potential consolidation in the horizon for the near term. The RSI reflects a weak bullish momentum and a balance between buyers and sellers.
If Bitcoin breaks above the 20-day EMA, it could retest the psychological level of $100,000, followed by a move toward the all-time high of $108,000.
Conversely, a break below the 50-day SMA could trigger a deeper correction toward $85,000. Traders should watch these levels closely for directional clues in the days ahead.
SUI crypto: Price analysis
SUI dipped below the 20-day EMA on Dec. 20 but found robust support at the 50-day SMA, suggesting aggressive buying at lower levels. The strong rebound pushed the price above the 20-day EMA, indicating the bulls’ intent to regain control.
Source: TradingView
The RSI shows mild bullish momentum, but the flattening moving averages hint at a potential consolidation phase. If the price sustains above $4.50, the bulls could drive SUI toward $5, with $5.50 as the next target.
However, a break below the 50-day SMA could open the gates for a drop to $3.50, signaling a shift in favor of the bears.
Bitget token price analysis
Bitget Token turned down from $4.90 on 19th December and found support near the 20-day EMA on 21st December, as indicated by the long lower wick on the candlestick. This suggests aggressive buying at lower levels.
Source: TradingView
The pair is currently trading near $4.13, with the RSI in the overbought zone, indicating that the bullish momentum might be overheating. If the price sustains above $4.20, the pair could climb to $4.90 and possibly extend the rally to $5.50.
However, a break below $3.80 could signal a pullback toward the 20-day EMA. Traders should monitor these levels to anticipate the next directional move.
ENA price analysis
ENA recently demonstrated strong bullish momentum, rebounding from its 50-day SMA to trade above the 20-day EMA. The sustained buying interest indicates that bulls are in control.
The RSI currently stands at 54.25, reflecting balanced momentum, with room for further upside if bullish sentiment persists.
Source: TradingView
Key resistance lies at $1.20; a breakout above this level could propel ENA toward $1.35. On the downside, $1.00 serves as immediate support. A break below this could drag ENA to the 50-day SMA at $0.78.
Traders should monitor these levels to identify potential opportunities in the near term.
Virtuals Protocol price analysis
Virtuals Protocol has seen impressive gains, rebounding strongly from the 20-day EMA and sustaining above the 50-day SMA, signaling robust bullish momentum. The RSI indicates healthy buying pressure, with room for further upside.
Source: TradingView
If the price holds above $2.50, VIRTUAL could rally toward $3, with $3.50 as the next key resistance. On the downside, $2.00 serves as immediate support, and a break below this level could open doors for a correction toward the 50-day SMA.
Traders should watch these levels closely for potential trading opportunities in the coming days.
