Quick Facts
Bitcoin Price Consolidates Ahead of Fed Rate Hike, Key Altcoins Remain Bullish
As the Federal Reserve prepares to announce its latest interest rate decision next week, the cryptocurrency market is likely to remain volatile. While Bitcoin’s price has cooled off in recent days, several altcoins are still showing bullish chart patterns in the 4-hour and 1-day timeframes. In this article, we’ll explore the current market dynamics and provide price predictions for Bitcoin, Hyperliquid (HYPE), Aave (AAVE), Render (RNDR), and Fetch.ai (FET).
Bitcoin Price Analysis
Bitcoin’s price has been range-bound over the past few weeks, trading between $92,000 and $97,895. The recent pullback to the breakout level of $95,000 has raised concerns about the sustainability of the rally. However, some technical indicators suggest that the bulls may be preparing for another leg up.
The 20-day exponential moving average (EMA) is still showing a positive slope, and the relative strength index (RSI) is in the positive territory. A close above the 20-day EMA near $92,000 could trigger a rally to $100,000. On the downside, a break and close below the 20-day EMA could signal a drop to the 50-day simple moving average (SMA) near $86,682.
In the 4-hour chart, the moving averages have flattened out, and the RSI has dropped near the midpoint. If the price drops below the 20-EMA, it could indicate a weakening momentum, while a bounce off the 20-EMA with strength could challenge the overhead hurdle.
Hyperliquid (HYPE) Price Analysis
Hyperliquid (HYPE) is facing resistance at $21.50, but the bulls have not ceded much ground to the bears. The 20-day EMA is showing a positive slope, and the RSI is in the overbought zone. A close above $21.50 could trigger a rally to $25 and later to $27.50.
On the downside, a break and close below the 20-day EMA could signal a drop to $17.35. The 4-hour chart shows that the pair is facing selling near $180, but a bounce off the moving averages with strength could challenge the overhead hurdle.
Aave (AAVE) Price Analysis
Aave (AAVE) turned up from the moving averages on April 30, indicating that the sentiment has turned positive and traders are buying on dips. The price is facing resistance at $196, but a break and close above this level could trigger a rally to $220 and later to $240.
On the downside, a break and close below the 20-day EMA could signal a drop to $130. The 4-hour chart shows that the pair is reaching the 20-day EMA, where the bulls are likely to mount a strong defense.
Render (RNDR) Price Analysis
Render (RNDR) turned down from the $4.87 overhead resistance and has reached the 20-day EMA ($4.31). The bulls will try to arrest the pullback at the 20-day EMA. If the price rebounds off the 20-day EMA with force, the RNDR/USDT pair could reach the $4.87 level.
On the downside, a break and close below the 20-day EMA could signal a drop to the 50-day SMA ($3.80). The 4-hour chart shows that the pair has reached the crucial support at $4.22, which is an important support to watch out for.
Fetch.ai (FET) Price Analysis
Fetch.ai (FET) turned down from the $0.84 overhead resistance and has reached the 20-day EMA ($0.65). The bulls will try to arrest the pullback at the 20-day EMA. If the price rebounds off the 20-day EMA with force, the FET/USDT pair could reach the $0.84 level.
On the downside, a break and close below the 20-day EMA could signal a drop to the 50-day SMA ($0.54). The 4-hour chart shows that the pair has reached the crucial support at $0.67, which is an important support to watch out for.
While Bitcoin’s price has cooled off in recent days, several altcoins are still showing bullish chart patterns in the 4-hour and 1-day timeframes. Hyperliquid (HYPE), Aave (AAVE), Render (RNDR), and Fetch.ai (FET) are all facing resistance levels, but the bulls are likely to mount a strong defense.
In the near term, the market is likely to remain volatile, and traders should be cautious of any sudden moves. However, if the bulls can push the price above the resistance levels, it could trigger a rally to new highs.
As always, it’s essential to conduct thorough research and due diligence before making any investment decisions. This article is not intended as investment advice, and readers should consult with a financial advisor before making any trading or investment decisions.
