Bitcoin (BTC) has risen to $106K just a day before President-elect Donald Trump took office. However, the cryptocurrency attracting traders' attention over the weekend is the meme coin of President-elect Donald Trump, the Official Trump (TRUMP).
Launched on the Solana platform on January 17, the TRUMP Token reached a peak of $79 on January 19. This has pushed Solana (SOL) to a new ATH of $295. However, since then, both the TRUMP Token and Solana have given back a small portion of their gains.
While it cannot be ruled out that Bitcoin will break a new record high, cryptocurrency investors should be cautious as experienced traders often buy on rumors and sell on news. Any disappointment that does not meet the trader's expectations could lead to an adjustment of Bitcoin and altcoins.
If Bitcoin achieves a new record high, many other altcoins are likely to join the game. Let's take a look at the charts of the top cryptocurrencies that could outperform in the short term.
Bitcoin Price Analysis
Bitcoin is gradually rising to the ATH of $108,353, where the bears are expected to put up a strong defense.
The 20-day exponential moving average (EMA) at $98,800 has started to turn up and the relative strength index (RSI) is in the positive territory, signaling the advantage to the bulls. If the bulls pierce through the resistance above, the BTC/USDT pair could start the next leg of the up-move to $126,706.
Conversely, if the price drops from $108,353, it will suggest that the bears are active at higher levels. The pair could then drop to the 20-day EMA, an important level to watch. If the price bounces off the 20-day EMA, the bulls will again attempt to clear the $108,353 hurdle.
The sellers will have to pull the price below the moving averages to start the consolidation process between $90K and $108,353 in the next few days.
XRP Price Analysis
XRP (XRP) is correcting within the uptrend, suggesting that the short-term buyers are booking profits.
The XRP/USDT pair could drop to the breakout level of $2.91, an important level to watch. If the price bounces sharply off $2.91, it will suggest that the bulls have flipped this level into support. That will increase the possibility of a break above $3.40. The pair could then rally to the pattern target at $4.84.
On the other hand, if the price breaks below $2.91, it will suggest that the bulls are losing control. The pair could then drop to the 20-day EMA ($2.71) and thereafter to the 50-day SMA ($2.44).
Solana Price Analysis
Solana (SOL) had a strong rally on January 18 and broke above the resistance at $260, suggesting that the bulls are in control.
The SOL/USDT pair could now challenge the all-time high at $295. If the bulls clear this hurdle, the pair may start the next leg of the uptrend that could reach the pattern target at $350.
Conversely, if the price turns down from the current level or the $295 resistance, it will suggest that the bears are defending the level aggressively. The pair could then drop to the 20-day EMA ($260) and the 50-day SMA ($230).Here is the English translation:
The buyers have extended the price increase on January 19, but the long wick on the candle shows selling at higher levels. The $260 level is likely to witness a fierce battle between the bulls and bears. If the price rises from $260, the SOL/USDT pair could rise to $300 and then to $375.
The sellers will have to pull and maintain the price below $260 to weaken the uptrend. This could cause the buyers to take profits, pulling the pair down to $240 and eventually to the 20-day EMA ($212).
The 4-hour chart shows that the buyers have taken profits near the $300 level. This has pulled the price back to the breakout level of $260. This is an important level to watch as a strong rejection from here will show that the bulls are trying to turn this into support. The pair will then try to break above $300 and continue the uptrend.
Conversely, a weak bounce from the $260 level will show a lack of aggressive buying. This increases the risk of a decline to the 20-day EMA. If this level is also breached, the pair could crash to $220.
The Official Trump has witnessed a strong rally since its launch. Due to the short trading history, a 30-minute chart is used for the analysis.
The TRUMP/USDT pair has corrected from the $79 level but is finding support at the 20-EMA. This suggests a positive sentiment and traders are buying on dips. The bulls will make one more attempt to clear the $79 barrier. If they succeed, the pair could rise to $109.
On the other hand, if the price turns down and closes below the 20-EMA, it will suggest that traders are actively booking profits. Selling could accelerate if the pair drops below $53. This could extend the decline to the 50-SMA.
Algorand (ALGO) has corrected from the $0.50 level on January 17, indicating that the bears are actively defending this level.
The 20-day EMA ($0.40) is turning up and the RSI is in the positive territory, suggesting the advantage is with the bulls. If the price rises above $0.45, the bulls will again try to push the ALGO/USDT pair above $0.50. If successful, the pair could rise to $0.55 and then to $0.61.
This positive outlook will be invalidated in the short term if the price breaks and closes below the moving averages. The pair could then plummet to $0.32.
The price has bounced off the 50-SMA, but the bears are trying to stall the recovery at the 20-EMA. If the price turns down sharply from the 20-EMA, the possibility of a break below the 50-SMA increases. If that happens, the pair could crash to $0.32.
Conversely, if the price breaks and sustains above the 20-EMA, it will signal strong buying at lower levels. The bulls will then try to clear the $0.50 hurdle, paving the way for a strong rally to $0.61.
The XDC Network (XDC) has corrected sharply from a strong uptrend, but the bulls are not giving too much ground to the bears.
The XDC/USDT pair is finding support near the 38.2% Fibonacci retracement level of $0.12. If the price rises from the current level and clears $0.16, this pair could start the next leg of the uptrend to $0.20.
Alternatively, if the price turns down and breaks below $0.12, it will suggest that the bears are in a hurry to exit. The pair could then drop to the 20-day EMA ($0.11). The sellers will have to pull the price below the 20-day EMA to signal that this pair may have topped out in the short term.
The pair has dropped below the 20-EMA, but the bulls have bought at lower levels. The buyers will try to push the price above the falling resistance line. If they manage to do that, the pair could reach $0.16. This level may provide strong resistance, but the pair could continue the uptrend if the bulls gain the upper hand.
The 50-SMA is an important support level to watch on the downside. A break and close below this level could pull the pair down to the 61.8% Fibonacci retracement level at $0.10.Trump Memecoin Captures Markets as Bitcoin Soars
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Bitcoin (BTC) has risen to $106K just a day before President-elect Donald Trump took office. However, the cryptocurrency attracting traders' attention over the weekend is the meme coin of President-elect Donald Trump, the Official Trump (TRUMP).
Launched on the Solana platform on January 17, the TRUMP Token reached a peak of $79 on January 19. This has pushed Solana (SOL) to a new ATH of $295. However, since then, both the TRUMP Token and Solana have given back a small portion of their gains.
While it cannot be ruled out that Bitcoin will break a new record high, cryptocurrency investors should be cautious as experienced traders often buy on rumors and sell on news. Any disappointment that does not meet the trader's expectations could lead to an adjustment of Bitcoin and altcoins.
If Bitcoin achieves a new record high, many other altcoins are likely to join the game. Let's take a look at the charts of the top cryptocurrencies that could outperform in the short term.
Bitcoin Price Analysis
Bitcoin is gradually rising to the ATH of $108,353, where the bears are expected to put up a strong defense.
The 20-day exponential moving average (EMA) at $98,800 has started to turn up and the relative strength index (RSI) is in the positive territory, signaling the advantage to the bulls. If the bulls pierce through the resistance above, the BTC/USDT pair could start the next leg of the up-move to $126,706.
Conversely, if the price drops from $108,353, it will suggest that the bears are active at higher levels. The pair could then drop to the 20-day EMA, an important level to watch. If the price bounces off the 20-day EMA, the bulls will again attempt to clear the $108,353 hurdle.
The sellers will have to pull the price below the moving averages to start the consolidation process between $90K and $108,353 in the next few days.
XRP Price Analysis
XRP (XRP) is correcting within the uptrend, suggesting that the short-term buyers are booking profits.
The XRP/USDT pair could drop to the breakout level of $2.91, an important level to watch. If the price bounces sharply off $2.91, it will suggest that the bulls have flipped this level into support. That will increase the possibility of a break above $3.40. The pair could then rally to the pattern target at $4.84.
On the other hand, if the price breaks below $2.91, it will suggest that the bulls are losing control. The pair could then drop to the 20-day EMA ($2.71) and thereafter to the 50-day SMA ($2.44).
Solana Price Analysis
Solana (SOL) had a strong rally on January 18 and broke above the resistance at $260, suggesting that the bulls are in control.
The SOL/USDT pair could now challenge the all-time high at $295. If the bulls clear this hurdle, the pair may start the next leg of the uptrend that could reach the pattern target at $350.
Conversely, if the price turns down from the current level or the $295 resistance, it will suggest that the bears are defending the level aggressively. The pair could then drop to the 20-day EMA ($260) and the 50-day SMA ($230).Here is the English translation:
The buyers have extended the price increase on January 19, but the long wick on the candle shows selling at higher levels. The $260 level is likely to witness a fierce battle between the bulls and bears. If the price rises from $260, the SOL/USDT pair could rise to $300 and then to $375.
The sellers will have to pull and maintain the price below $260 to weaken the uptrend. This could cause the buyers to take profits, pulling the pair down to $240 and eventually to the 20-day EMA ($212).
The 4-hour chart shows that the buyers have taken profits near the $300 level. This has pulled the price back to the breakout level of $260. This is an important level to watch as a strong rejection from here will show that the bulls are trying to turn this into support. The pair will then try to break above $300 and continue the uptrend.
Conversely, a weak bounce from the $260 level will show a lack of aggressive buying. This increases the risk of a decline to the 20-day EMA. If this level is also breached, the pair could crash to $220.
The Official Trump has witnessed a strong rally since its launch. Due to the short trading history, a 30-minute chart is used for the analysis.
The TRUMP/USDT pair has corrected from the $79 level but is finding support at the 20-EMA. This suggests a positive sentiment and traders are buying on dips. The bulls will make one more attempt to clear the $79 barrier. If they succeed, the pair could rise to $109.
On the other hand, if the price turns down and closes below the 20-EMA, it will suggest that traders are actively booking profits. Selling could accelerate if the pair drops below $53. This could extend the decline to the 50-SMA.
Algorand (ALGO) has corrected from the $0.50 level on January 17, indicating that the bears are actively defending this level.
The 20-day EMA ($0.40) is turning up and the RSI is in the positive territory, suggesting the advantage is with the bulls. If the price rises above $0.45, the bulls will again try to push the ALGO/USDT pair above $0.50. If successful, the pair could rise to $0.55 and then to $0.61.
This positive outlook will be invalidated in the short term if the price breaks and closes below the moving averages. The pair could then plummet to $0.32.
The price has bounced off the 50-SMA, but the bears are trying to stall the recovery at the 20-EMA. If the price turns down sharply from the 20-EMA, the possibility of a break below the 50-SMA increases. If that happens, the pair could crash to $0.32.
Conversely, if the price breaks and sustains above the 20-EMA, it will signal strong buying at lower levels. The bulls will then try to clear the $0.50 hurdle, paving the way for a strong rally to $0.61.
The XDC Network (XDC) has corrected sharply from a strong uptrend, but the bulls are not giving too much ground to the bears.
The XDC/USDT pair is finding support near the 38.2% Fibonacci retracement level of $0.12. If the price rises from the current level and clears $0.16, this pair could start the next leg of the uptrend to $0.20.
Alternatively, if the price turns down and breaks below $0.12, it will suggest that the bears are in a hurry to exit. The pair could then drop to the 20-day EMA ($0.11). The sellers will have to pull the price below the 20-day EMA to signal that this pair may have topped out in the short term.
The pair has dropped below the 20-EMA, but the bulls have bought at lower levels. The buyers will try to push the price above the falling resistance line. If they manage to do that, the pair could reach $0.16. This level may provide strong resistance, but the pair could continue the uptrend if the bulls gain the upper hand.
The 50-SMA is an important support level to watch on the downside. A break and close below this level could pull the pair down to the 61.8% Fibonacci retracement level at $0.10.Sector:
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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