5 Cryptocurrencies Likely to Continue Surging in 2024
Bitcoin (BTC) is set to end the week with gains exceeding 23%. The banking crisis in the U.S. and Europe appears to have spurred buying in Bitcoin, suggesting that the leading cryptocurrency is acting as a safe-haven asset in the short term.
All eyes are on the Federal Reserve’s meeting on March 21 and 22. The banking failures in the U.S. have increased hopes that the Fed may hold off on rate hikes during the meeting. The CME FedWatch Tool shows a 38% chance of a pause and a 62% chance of a 25 basis point rate hike on March 22.
Crypto marketplace information day by day view. Supply:
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Analysts are divided on the implications of the current financial crisis. Former Coinbase Chief Technology Officer Balaji Srinivasan believes that the U.S. will enter a period of hyperinflation, while pseudonymous Twitter user James Medlock disagrees. Srinivasan plans to place a millionaire bet with Medlock and another individual that Bitcoin’s value will reach $1 million by June 17.
While anything is possible in the crypto markets, investors should remain cautious in their trading and not get overly excited by ambitious targets.
Let’s explore the charts of Bitcoin and altcoins that are showing signs of a resumption of the uptrend after a minor correction.
Bitcoin worth research
Bitcoin surged past the $25,250 resistance on March 17, completing a bullish inverse head and shoulders (H&S) pattern.
Generally, a breakout from a primary setup will return to retest the breakout level, but in some cases, the rally continues unabated.
BTC/USDT day by day chart. Supply: TradingView
The rising 20-day exponential moving average ($24,088) and the Relative Strength Index (RSI) in the overbought territory indicate benefits for buyers. If the price breaks above $28,000, the rally could gain momentum and surge to $30,000 and then $32,000. This level is likely to encounter strong selling pressure from the bears.
Another scenario is that the price might decline from the current level but rebound from $25,250, which would keep the bullish trend intact.
The positive outlook will be invalidated in the near term if the price drops below the moving averages. Such a move would suggest that the breakout above $25,250 may have been a bull trap, potentially leading to a decline to the psychologically significant level of $20,000.
BTC/USDT 4-hour chart. Supply: Trading View
The 4-hour chart shows that the BTC/USDT pair is experiencing profit-taking near $27,750, but a positive sign is that the pullback has been shallow. Buyers will attempt to push the price above $28,000 to resume the uptrend, potentially driving the pair towards $30,000.
On the other hand, if the price declines and falls below the 20-EMA, it would suggest that buyers are rushing to exit. This could pull the price down to the crucial support at $25,250, where bulls and bears might engage in a tough battle.
Ether worth research
The bulls broke through the $1,800 resistance on March 18 but were unable to hold the higher levels. This indicates that the bears are vigorously defending the $1,800 level on Ether (ETH).
ETH/USDT Daily Chart. Source: TradingView
The key support to watch on the downside is the area between $1,680 and the 20-day EMA ($1,646). If the price rebounds from this zone, it will signal that sentiment has turned positive and buyers are purchasing on dips.
Buyers will, however, attempt to resume the uptrend and push the price towards the next target at $2,000. This level might become a significant hurdle for the bulls to overcome.
Conversely, if the price declines and falls below the moving averages, it would suggest that the bulls are losing their grip. The ETH/USDT pair might then drop to $1,461.
ETH/USDT 4-Hour Chart. Source: TradingView
The 4-hour chart shows that the pair bounced off the support at $1,743, indicating that bulls are buying shallow dips and are not waiting for a deeper correction to enter. Buyers will next attempt to push the price above $1,841. If this level is breached, the pair could surge towards $2,000.
On the other hand, if the price turns down and plunges below $1,743, short-term buyers might book profits. The pair could then slide to the next key support at $1,680.
BNB Price Analysis
BNB (BNB) climbed above $338 on March 18, which invalidated the bearish head and shoulders pattern. Typically, when a bearish pattern fails, it attracts buying from the bulls and prompts short-covering by the bears.
BNB/USDT Daily Chart. Source: TradingView
The onus is on the bulls to maintain the price above the immediate support at $318. If successful, the BNB/USDT pair could first rise to $360 and then surge towards $400. The upward-sloping 20-day EMA ($309) and the RSI nearing the overbought territory suggest that the path of least resistance is to the upside.
If the bears wish to gain the upper hand, they will need to pull the price back below the moving averages. This will not be an easy task, but if achieved, the pair could potentially tumble to $280.
BNB/USDT 4-Hour Chart. Source: TradingView
The 4-hour chart shows that bulls are buying dips to the 20-EMA. The bears attempted to halt the recovery at $338, but the bulls have managed to break through this resistance. Buyers will now attempt to push the pair to $346. If this level is breached, the pair might continue its uptrend.
Conversely, if the price turns down and breaks below the 20-EMA, it would suggest that short-term bulls might be booking profits on rallies. The pair could then decline to $318, where buyers may step in to prevent further losses.
Related: Peter Schiff Blames ‘Excessive Government Regulation’ for Worsening Financial Crisis
Stacks Price Analysis
Stacks (STX) surged from $0.52 on March 10 to $1.29 on March 18, marking a sharp rally in a short period. This indicates strong buying activity from the bulls.
STX/USDT Daily Chart. Source: TradingView
The STX/USDT pair is currently experiencing profit-taking near $1.29, but a positive sign is that the bulls have not given up much ground to the bears. This suggests that minor dips are being bought. Typically, during a strong uptrend, corrections last between one to three days.
Stacks Price Analysis
If the price turns up and breaks above $1.29, the pair could resume its uptrend. The next resistance levels on the upside might be $1.55 and then $1.80.
The primary sign of weakness would be a break and close below $1. This could clear the path for a decline to the 20-day EMA ($0.84).
STX/USDT 4-Hour Chart. Source: TradingView
The pair has corrected to the 20-EMA, a crucial level for the bulls to defend if they want to resume the uptrend. If the price rebounds from the 20-EMA, the pair may retest the overhead resistance at $1.29. If the bulls overcome this barrier, the next phase of the uptrend could begin.
Conversely, if the bears push the price below the 20-EMA, the pair might slide to $1 and then to the 50-simple moving average. A deeper correction could delay the resumption of the uptrend and keep the pair range-bound for a few days.
Immutable worth research
Immutable (IMX) surged above the overhead resistance of $1.30 on March 17, signaling the potential start of a new uptrend by completing an inverse H&S formation.
IMX/USDT Daily Chart. Source: TradingView
The price may now retest the breakout level of $1.30. If it rebounds from this level with strength, it will indicate that the bulls have turned the resistance into support. Buyers will then aim to push the price above $1.59 to continue the uptrend. The IMX/USDT pair could rally to $1.85 and potentially reach $2, with a development target of $2.23.
However, this bullish outlook could be invalidated if the price falls below the moving averages. Such a drop would suggest that the break above $1.30 may have been a bull trap, potentially leading to a decline to $0.80.
IMX/USDT 4-Hour Chart. Source: TradingView
The pair is experiencing a mild correction, finding support at the 20-EMA. Buyers are attempting to overcome the resistance at $1.59, but the bears are putting up a strong fight. If the price falls below the 20-EMA, the pullback might extend to $1.30.
Another possibility is that the price rebounds from the 20-EMA, indicating strong demand at lower levels and improving the chances of breaking above $1.59. If this occurs, the pair could resume its uptrend.
This article does not constitute investment advice or recommendations. All investment and trading activities involve risk, and readers should conduct their own research before making any decisions.