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    Bitcoin price aims for a bullish weekly open — Will DOGE, TON, STX and FTM follow?

    2024.03.25 | exchangesranking | 64onlookers
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    Bitcoin (BTC) is on target to end the week in the red, but a positive sign for the bulls is that the price has recovered from the intra-week low of about $61,000 to over $65,000. This shows that traders remain long-term bullish and are buying the dips.

    CryptoQuant CEO Ki Young Ju expects inflows into spot Bitcoin exchange-traded funds (ETFs) to increase if Bitcoin nears support levels. Young Ju said the new Bitcoin whales, who purchased Bitcoin ETFs, have an on-chain cost basis of $56,000. He anticipates buying to pick up if Bitcoin’s price reaches $56,000.

    Crypto market data daily view. Source: Coin360

    Another positive sign that could support Bitcoin’s price is that outflows from the Grayscale Bitcoin Trust (GBTC) are slowing down. According to Fairside Investors data, the outflows from GBTC dropped to just $170 million on March 22. This suggests that the selling pressure could be reducing. If Bitcoin ends March above $61,130, it would be the first-ever seven-month winning streak.

    Could a recovery in Bitcoin trigger buying in select altcoins? Let’s look at the top 5 cryptocurrencies that look strong on the charts.

    Bitcoin price analysis

    Bitcoin has been trading near the 20-day exponential moving average ($65,364) for the past few days, indicating a battle between the bulls and the bears for supremacy.

    BTC/USDT daily chart. Source: TradingView

    The 20-day EMA is gradually flattening out, and the relative strength index (RSI) is near the midpoint, indicating a balance between supply and demand. The BTC/USDT pair could swing between $60,775 and $69,000 in the near term.

    If the price remains below the 20-day EMA, the support zone between the 50-day simple moving average ($58,438) and $60,775 may come under pressure. If this zone cracks, the correction could deepen to the 61.8% Fibonacci retracement level of $54,298.

    On the upside, a break and close above $69,000 could open the doors for a retest of $73,777. If this resistance is scaled, the pair may ascend to $80,000.

    BTC/USDT 4-hour chart. Source: TradingView

    The 4-hour chart shows the bears are capping the relief rallies at the 50-SMA. Hence, this becomes an important level to watch out for. If bulls push the price above the 50-SMA, it will suggest that the bearish pressure could be reducing. The pair may then rise to $69,000, which is likely to act as a major hurdle.

    The immediate support to watch on the downside is $62,260 and then $60,775. If bears sink the price below this support zone, the selling could pick up, and the pair may slide to $59,000.

    Dogecoin price analysis

    Dogecoin (DOGE) has been range-bound between $0.12 and $0.19 for the past few days. The bulls cleared the $0.16 hurdle on March 24, opening the doors for a rise to $0.19.

    DOGE/USDT daily chart. Source: TradingView

    The 20-day EMA ($0.15) has started to turn up, and the RSI is in positive territory, indicating that the bulls are attempting a comeback. A break and close above $0.19 could start the journey toward $0.23 and later $0.30.

    Instead, if the price turns down sharply from $0.19, it will suggest that the bears remain active at higher levels. The DOGE/USDT pair could slide toward the solid support at $0.12. The bears will have to sink the price below the 50-day SMA ($0.12) to indicate that the uptrend could be over.

    DOGE/USDT 4-hour chart. Source: TradingView

    The 4-hour chart shows that the bulls are buying the dips to the 20-EMA, indicating a positive sentiment. Buyers will try to push the price to the overhead resistance of $0.19, where the bears may again mount a strong defense. If bulls do not cede ground to the bears from $0.19, the likelihood of a rally above $0.20 increases.

    The first sign of weakness will be a break and close below the 20-EMA. That may open the doors for a fall to $0.14.

    Toncoin price analysis

    Toncoin (TON) surged above the $4.60 resistance on March 23, indicating the start of the next leg of the uptrend.

    TON/USDT daily chart. Source: TradingView

    The upsloping moving averages and the RSI in the overbought zone signal that buyers are in command. The long wick on the March 23 and 24 candlesticks shows profit booking above $5, but if the bulls do not give up much ground from the current level, the TON/USDT pair could extend the rally to $5.64.

    If bears want to prevent the upside, they will have to drag and sustain the price below $4.60. That may tempt short-term traders to book profits, pulling the pair to the 20-day EMA ($3.79).

    TON/USDT 4-hour chart. Source: TradingView

    The 4-hour chart shows that the bears are aggressively defending the $5 resistance, but have failed to sink the pair below the 20-EMA. This is a positive sign as it suggests that the traders are holding to their positions as they anticipate another leg higher.

    The first support on the downside is the 20-EMA. A slide below this support will suggest that the short-term traders may be booking profits. That could pull the price to the 50-SMA and later to $3.50.

    Related: Terra founder Do Kwon released in Montenegro

    Stacks price analysis

    The bulls propelled Stacks (STX) above the $3.40 overhead resistance on March 20, indicating that the uptrend remains intact.

    STX/USDT daily chart. Source: TradingView

    Both moving averages are sloping up, and the RSI is near the overbought zone, indicating that bulls have an advantage. If buyers maintain the price above $3.40, the uptrend is likely to pick up momentum, and the STX/USDT pair could rally to $4.29.

    Contrary to this assumption, if the price turns down and skids below $3.40, it will signal that the markets have rejected the higher levels. The pair may slump to the 20-day EMA ($3.07). A bounce off this level will suggest that the uptrend remains intact, but a break below the 20-day EMA could sink the pair to the 50-day SMA ($2.65).

    STX/USDT 4-hour chart. Source: TradingView

    The 4-hour chart shows that the bulls are buying the dips to the 20-EMA, signaling that the sentiment remains positive. There is a minor resistance at $3.75, but if this level is crossed, the pair may reach $4.

    The crucial support to watch on the downside is the 20-EMA. If this level gives way, it will suggest that the bulls are rushing to the exit. The pair may then drop to $3.22. A break below this support could accelerate selling and sink the pair below the 50-SMA.

    Fantom price analysis

    Fantom’s (FTM) long wick on the March 22 candlestick shows profit booking near $1.23. The selling accelerated on March 23, and the bears are attempting to sink the price below $1.02.

    FTM/USDT daily chart. Source: TradingView

    If they succeed, the FTM/USDT pair could tumble to the 20-day EMA ($0.89). This remains the key short-term level to watch out for. If the price rebounds off the 20-day EMA with strength, it will signal that lower levels continue to attract buyers. The pair may then retest the $1.23 level. A break above it could clear the path for a rally to $1.50 and eventually to $2.

    This optimistic view will be negated in the near term if the price turns down sharply and plummets below the 20-day EMA. That could tug the price to the next significant support at $0.72.

    FTM/USDT 4-hour chart. Source: TradingView

    The bears pulled the price below the 20-EMA on the 4-hour chart, but a positive sign is that the bulls have not allowed the 50-SMA to be challenged. Buyers are trying to push the price back above the 20-EMA. If they manage to do that, the pair could rise to $1.12 and then to $1.16.

    Alternatively, if the price turns down from the overhead resistance and breaks below the 50-SMA, it will suggest that the bears are aggressively selling at higher levels. The pair may then start a downward move to $0.80.

    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.

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