Bitcoin tips toward $70K, setting a path for TON, STX, MNT and MKR to follow

Bitcoin attempts to break out of a bullish chart formation, opening the door for TON, STX, MNT, MKR and other altcoins to follow.

Bitcoin (BTC) is down about 2% this week, but a positive sign for the bulls is that the price is off the weekly low of $64,493. Several analysts expect the next trigger to be  Bitcoin halving. However, cryptocurrency exchange Coinbase cautions that Bitcoin’s price action could face hurdles after the halving event as the period is typically a weak time of the year for crypto markets and other risk assets.

While the upside looks open, the downside may be limited. UTXO Management senior analyst Dylan LeClair believes that even in case of a fall, Bitcoin is unlikely to dip to $50,000 where a large cluster of longs risk being taken out. However, he warned that nothing is impossible in the crypto markets.

Although Bitcoin has been leading the markets higher, several altcoins have been huge outperformers. Pantera Capital’s Liquid Token Fund said in a shareholder letter reviewed by Bloomberg that the fund trimmed exposure to Bitcoin and Ether and increased allocations to DeFi tokens, which helped it post 66% returns in the first quarter of 2024.

Will select altcoins continue to outperform Bitcoin in the near term? Let’s study the top 5 cryptocurrencies that look strong on the charts.

Bitcoin price analysis

Bitcoin has been oscillating inside a symmetrical triangle pattern for the past few days, signaling indecision about the next directional move.

The 20-day exponential moving average ($68,049) continues to move up gradually, and the relative strength index (RSI) in the positive territory indicates a slight edge for the bulls. A break and close above the triangle will suggest that the uncertainty has resolved in favor of the buyers. The BTC/USDT pair could rise to $73,777 and eventually to $80,000.

Instead, if the price turns lower from the downtrend line and breaks below the 20-day EMA, it will suggest that the pair may extend its stay inside the triangle. The advantage will tilt in favor of the bears on a break below the triangle. That could start a decline to $59,000 and then to the 61.8% Fibonacci retracement level of $54,298.

The 20-EMA has started to turn up on the 4-hour chart, and the RSI is in the positive zone, indicating that the bulls have the upper hand. The up move is likely to face stiff resistance at the downtrend line, but if bulls overcome this barrier, the consolidation phase may be over. The pair could rise to $72,000 and subsequently to $73,777,

Contrary to this assumption, if the price turns down and breaks below the moving averages, it will suggest that the bears are not willing to give up. The pair may then slip to the support line of the triangle. Sellers will have to yank the price below this level to signal the start of a downward move to $59,000.

Toncoin price analysis

Toncoin (TON) has been gradually inching higher toward the overhead resistance of $5.69, signaling that the bulls are attempting to regain control.

Although the upsloping 20-day EMA ($4.86) indicates an advantage to buyers, the negative divergence on the RSI suggests that a consolidation or correction is possible in the near term. If the price turns down from the current level or $5.69, it will signal that the bears are aggressively defending the overhead resistance. That could pull the price down to the 20-day EMA.

On the other hand, if buyers pierce the $5.69 resistance, the TON/USDT pair may start the next leg of the uptrend toward $7.09.

The 4-hour chart shows that the price has been swinging between $5.60 and $4.72 for a while. The moving averages have started to turn up gradually, indicating that the bulls have the upper hand. This enhances the prospects of a break above $5.69. If that happens, the pair may climb to $6.48.

Contrarily, if the price turns down sharply and breaks below the moving averages, it will suggest that the range-bound action may continue for some more time. The bears will gain the upper hand on a slump below $4.72.

Stacks price analysis

Stacks (STX) has corrected in an uptrend. The price has been stuck between the moving averages, indicating a tough battle between the bulls and the bears.

If the price rises above $3.36, it will signal that the bulls have absorbed the supply. That will increase the possibility of a rally to the overhead resistance of $3.84. If this level is cleared, the STX/USDT pair could rise to $4.27 and later to $5.

Contrary to this assumption, if the price turns down and breaks below the 50-day SMA, it will indicate that the bears have overpowered the bulls. That may start a deeper pullback to $2.50 and subsequently to $2.20.

The bulls have pushed the price above the 20-EMA on the 4-hour chart, indicating that the selling pressure is reducing. If buyers maintain the momentum and drive the price above the 50-SMA, the pair could attempt a rally to $3.60 and later to $3.84.

Alternatively, if the price turns down from the 50-SMA, it will suggest that the bears are selling on rallies. A break below $3.05 will strengthen the bears, and the selling is likely to accelerate below $2.90.

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Mantle price analysis

Mantle (MNT) has been facing resistance at $1.50, but a positive sign is that the bulls have not allowed the price to dip below the 20-day EMA ($1.18).

The bulls will again try to retest the overhead resistance of $1.50. The upsloping 20-day EMA and the RSI near the overbought zone suggest that the path of least resistance is to the upside. If buyers overcome the barrier at $1.50, the MNT/USDT pair could start a rally toward $1.90.

On the contrary, if the price turns down from $1.50, it will suggest that the bears are selling on rallies. The pair could drop to the 20-day EMA. A break below this support will signal the start of a deeper correction.

Both moving averages are gradually sloping higher on the 4-hour chart and the RSI is in the positive territory, indicating that buyers remain in control. There is a minor resistance at $1.45, but if that level is crossed, the pair may climb to $1.50.

The 50-SMA remains the key support to watch on the downside. A break below this support will suggest that the bulls are losing their grip. The pair could then drop to the strong support near $1.15.

Maker price analysis

The bulls are finding it difficult to sustain Maker (MKR) above $4,000 level, resulting in profit-booking.

The MKR/USDT pair could correct to the 20-day EMA ($3,481), an important level to watch out for. If the price rebounds off this support, it will suggest that the sentiment remains positive and traders are buying the dips. The pair could then retest the overhead resistance of $4,074. If this level is scaled, the pair may pick up momentum and jump to $5,280.

Contrarily, a break below the 20-day EMA will suggest that the bulls are rushing to the exit. The pair may then tumble to the 50-day SMA ($2,794).

The pair has dipped below the moving averages on the 4-hour chart, indicating that the bears are trying to take charge. The pair could slide to $3,561 and next to $3,453 where the bulls will try to arrest the fall. If the price rebounds off the support, it will suggest that the pair may consolidate for some time.

On the contrary, a break below $3,453 could start a correction to $3,000 and next to $2,700. The uptrend is likely to resume on a close above $4,074.