Bitcoin is currently in a period of consolidation, with its price remaining relatively stable over the weekend. The lack of large bets from both bulls and bears suggests uncertainty about the next directional move. However, traders should be prepared for increased volatility in the near future.
Some analysts believe that the increased exposure of Bitcoin whales is a positive sign that could lead to a bullish move. On-chain analyst Cole Garner suggests that the bull move could happen in September when the summer seasonality kicks in.
While Bitcoin has experienced significant gains in the first few months of the year, many major altcoins have struggled to keep up. However, the current consolidation in Bitcoin provides an opportunity for select altcoins to catch up.
Here are the top five cryptocurrencies that are looking positive in the near term:
1. Bitcoin (BTC): The price of Bitcoin is currently squeezed between the 20-day exponential moving average ($29,430) and the horizontal support at $28,861. The downsloping 20-day EMA and the negative RSI indicate that bears have a slight advantage. If the price breaks below the support zone, it could start a downward move to $26,000. However, a rebound and a break above the 50-day simple moving average could signal the start of a recovery to the overhead resistance zone.
2. Shiba Inu (SHIB): SHIB broke and closed above the overhead resistance of $0.0000085, indicating a potential new uptrend. The bullish momentum continued, sending the price to $0.000010. If the bulls hold their ground and break above this level, the price could surge to $0.000012 and then to $0.000014.
3. Uniswap (UNI): UNI has been in a correction phase, but the bulls are trying to hold the decline near the 20-day EMA. If the price rebounds with strength, it could rise to $6.70 and then to $7.50. However, if the price sustains below the 20-day EMA, it could indicate the end of the up-move.
4. OKB (OKB): OKB has been falling within a large range between $38 and $59. The recent push above the downtrend line suggests that the short-term downtrend may be ending. The 20-day EMA turning up and the positive RSI indicate that bulls have the advantage. If the price reaches $50, it could quickly jump to $54.
5. Hedera (HBAR): HBAR broke above the overhead resistance of $0.055, suggesting a potential comeback for the bulls. If the price sustains above $0.055, it could rise to $0.065 and then to $0.075. On the downside, $0.055 is a critical support level to watch.
These predictions are not investment advice, and readers should conduct their own research before making any decisions.
Disclaimer: This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
