Last week, the U.S. Federal Reserve decided to suspend interest rate hikes in September but signaled that it may raise interest rates again by the end of the year, causing U.S. stock markets to fall and the U.S. dollar to rise. However, Bitcoin has not experienced panic selling in the past few days, but it is still trading in a tight range (quoted at $26,175 at the time of writing), adding to the uncertainty.
The uncertainty of Bitcoin’s trend has affected several mainstream coins with larger market capitalizations. As of the time of writing, the gains and losses of the top 10 mainstream currencies in the past seven days have generally fallen within 5%-6%, while Bitcoin ($BTC), Dogecoin ($DOGE), and Cardano ($ ADA) is only about 1%.
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Amid Bitcoin wobbles, 4 smaller cryptocurrencies show bullish signs
Chainlink(LINK)
Chainlink (LINK) broke through the downward trend line on September 22, US time, which means that the recent trend may change. From a technical perspective, LINK's two daily moving averages: the 20-day exponential moving average EMA and the 50-day MA have gone out of the "golden cross", and the relative strength index RSI is also in the buying zone, indicating that bulls still have the upper hand.
If LINK starts to pull back, bulls may buy the dip at the 20-day EMA (near $6.55), and the two price targets for the bulls are $8 and $8.5; if the bears want to take away the advantage from the bulls, they will need to Suppress LINK below the 20-day EMA.
Judging from the 4-hour chart, both LINK's moving averages have turned upwards, and the RSI is also in the buying zone. Near the 20 EMA on the 4-hour line, bulls have been buying on dips, indicating positive market sentiment.
If LINK can continue to rebound from the 20 EMA (near $6.98), you can focus on the $7.6 point; conversely, if LINK falls below the 20 EMA, it means that bulls have taken profits and will have the opportunity to retest the downward trend of the 4-hour trend. If it falls further below $6.6, the trend will turn bearish.
Maker（MKR）
Upadhyay pointed out that Maker (MKR) has recently risen to $1,370 and then fell back. Below, you can focus on the 20-day EMA point, which is around $1,226. If it can rebound from the 20-day EMA, it is expected to surge to the resistance of $1,759; however, if it falls below the 20-day EMA, the price may fall back to the range of $980-1,370.
Looking at the 4-hour chart, MKR's moving average has flattened, while the RSI is slightly below the midpoint, indicating a balance between supply and demand. In this case, if MKR can break above $1,306, it is expected to challenge $1,370; if it falls below $1,264, it may further test $1,225.
Arbitrum (ARB)
Upadhyay noted that while Arbitrum ($ARB) is currently in a downtrend, it doesn’t appear to have pulled back too much. The current RSI on the daily line has risen above 40, indicating that the market momentum is gradually turning positive. If it can further break above the 20-day EMA, it may challenge the 50-day MA (near $0.95) and is expected to rise to $1.04; if it continues to fall , the two support levels worthy of attention below are: $0.8 and $0.78.
From the 4-hour chart, we can see that the bears are selling along the downward trend line and trying to suppress the price below the moving average. However, the currency price has not yet fallen below the important support level of $0.81. Upadhyay pointed out that if $ARB can break through the 4-hour downward trend line, it may challenge the psychological resistance of $1; if it falls below $0.81, it may test the $0.78 and $0.74 levels.
Theta Token (THETA)
On September 23, US time, Theta Token ($THETA) once broke through the 20-day EMA and once rose to $0.7. It is now back below the 50-day MA (near $0.642). If $THETA can rebound above the 50-day MA, it is expected to challenge $0.7 again.
Upadhyay pointed out that if $THETA can break above $0.7, the next price target is $0.76; if it falls below the 20-day EMA (near $0.614), it may retest $0.57.
Judging from the 4-hour chart, the more important resistance level is at $0.65. If it can break through this point, it is expected to rise to $0.7; but if it falls below the 20 EMA (near $0.621), it may drop lower. $0.58 support.
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