Bitcoin price reclaims $35K — Will ATOM, UNI, NEAR and AXS rally next?
Bitcoin has successfully regained a crucial price level, and several altcoins appear to be on the verge of significant price breakouts.
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The S&P 500 Index witnessed a substantial 5.85% surge during the past week, marking its best performance since November 2022. Much of this gain can be attributed to the anticipation that the Federal Reserve will not be increasing interest rates any further.
In contrast, Bitcoin (BTC) experienced a more subdued performance with a modest 2% increase during the same period, reaching a price of approximately $35,227. Nevertheless, there is a positive signal for cryptocurrency investors, as a risk-on sentiment appears to be favorable for the crypto space.
Crypto market data daily view. Source: Coin360
This rally in Bitcoin has attracted investments in several undervalued altcoins that have been dormant for a while. If Bitcoin manages to maintain its stability, this recovery might extend to altcoins that have not yet participated in the overall uptrend.
Despite Bitcoin's range-bound trading, some select altcoins are showing signs of potential upward movement. Here are the charts of the top 5 cryptocurrencies that could potentially extend their rally in the coming days.
**Bitcoin Price Analysis**
Bitcoin is currently trading near the $35,000 resistance level, and its recent price action has formed an ascending channel pattern. Ascending channels following a sharp rally are typically considered negative signs.
BTC/USDT daily chart. Source: TradingView
If the price declines and breaks below the channel, it may prompt more aggressive traders to secure profits, which could push the price down to the 20-day exponential moving average (EMA) at $33,033. A strong rebound from this level would confirm the bulls' control and may lead to another attempt to break above $36,000, resuming the uptrend.
On the other hand, if the price dips below the 20-day EMA, the BTC/USDT pair might plummet to a substantial support zone ranging from $32,400 to $31,000. The bulls are likely to defend this zone vigorously because a breach would favor the bears.
While the pair has been gradually rising inside the ascending channel pattern, a negative divergence on the Relative Strength Index (RSI) suggests that the bullish momentum might be weakening. To retain control, the bulls need to push the price above the channel, possibly leading to a rally to $40,000.
Conversely, the bears will aim to push the price below the channel to gain the upper hand, potentially causing the pair to tumble to $32,400.
**Cosmos Price Analysis**
Cosmos (ATOM) broke above the $7.60 resistance level on October 30, completing a double bottom pattern. The bulls successfully defended the breakout level between November 1 and November 3.
ATOM/USDT daily chart. Source: TradingView
Buyers managed to push the price above $8.25 on November 5, signaling a resumption of the uptrend. The pattern target following the bullish breakout is $8.91, which may act as a barrier. If breached, the ATOM/USDT pair could advance to $10.
On the downside, the key support level to watch is $7.60. If bears drive the price below this level, it would suggest aggressive selling at higher levels. This could lead to a drop to the 50-day Simple Moving Average (SMA) at $7.07.
The 4-hour chart indicates that the price rose above the nearby resistance at $8.20, which could favor the buyers. Maintaining the price above $8.20 might set the stage for the next leg up to $8.91. However, a downward movement that breaks below the 20-EMA may signal a rejection of higher levels and push the price down to the strong support at $7.60.
**Uniswap Price Analysis**
Uniswap (UNI) approached the overhead resistance at $5 on November 2, but the bulls could not break through. Nevertheless, the moving averages have undergone a bullish crossover, and the RSI remains in the positive zone, indicating the upper hand for the bulls.
UNI/USDT daily chart. Source: TradingView
If buyers succeed in pushing the price above $5, the UNI/USDT pair might advance to $6 and, subsequently, to $6.40. Conversely, a rejection from the $5 level would imply that the bears continue to defend it with strength, potentially pushing the price down to the 20-day EMA at $4.36, a key level for the bulls.
On the 4-hour chart, buyers have maintained the price above the 20-EMA, though they have not been able to breach the resistance at $5. A break and close below the 20-EMA would strengthen the bearish case, and the pair might decline to $4.50. Conversely, if the price surges upward from the 20-EMA, it would indicate continued buying on dips and increase the likelihood of breaking above the resistance at $5.
**Near Protocol Price Analysis**
Near Protocol (NEAR) has experienced a notable rise in recent days, signaling a potential comeback for the bulls. The bears faced stiff resistance at $1.63, but buyers have remained patient, preventing the price from dropping below $1.43. This suggests that the buyers anticipate further gains.
NEAR/USDT daily chart. Source: TradingView
If buyers manage to maintain the price above $1.63, the NEAR/USDT pair might advance to $2. However, the RSI's overbought levels suggest potential consolidation or correction in the near term.
On the downside, a decline below $1.63 would indicate another attempt by the bears to push the price below $1.43.
The 4-hour chart shows that the pair consolidated between $1.43 and $1.59 for some time, after which the bulls took control and pushed the price higher. The pair could first reach $1.78 and, thereafter, attempt a rally to $2. The overbought levels on the RSI suggest a potential consolidation or correction in the short term. A drop below the 20-EMA would indicate a weakening bullish grip, possibly causing the pair to fall to the 50-SMA.
**Axie Infinity Price Analysis**
Axie Infinity (AXS) has been experiencing a strong recovery over the past few days. Despite the bears' persistent selling near $6, buyers have not conceded to their pressure. The 20-day EMA served as a crucial support level during this time.
AXS/USDT daily chart. Source: TradingView
Bulls are attempting to regain control by pushing the price above $6. If successful, the AXS/USDT pair could embark on an upward journey, targeting $6.55 and subsequently $7.
On the downside, if the price falls below the 20-day EMA, bears may gain the upper hand. This could lead to a more extensive correction down to $4.65.
The 4-hour chart indicates that the pair broke above the symmetrical triangle pattern, signifying a resumption of the uptrend. The pair may reach $6, where
