Bitcoin's price climbed above the $115,000 mark on Monday, but the upward momentum proved unsustainable as bears pushed the price back down towards $113,000 and are now testing the $112,000 support level. Institutional investors appear to be adopting a cautious stance, with US spot Bitcoin ETFs experiencing a net outflow of $323.5 million on Monday, according to Farside Investors. However, corporate treasuries viewed this dip as a buying opportunity, acquiring over 600 BTC, as reported by Capriole Investments. A similar pattern was observed in the Ethereum market, where Ethereum ETFs saw their largest ever net outflows at $465 million on Monday. Despite this, significant institutional or whale purchases were noted on-chain through over-the-counter deals on Tuesday. Should Bitcoin maintain its support levels, several altcoins could potentially continue their upward trajectory. Below is an analysis of five cryptocurrencies exhibiting strength on the charts in the near term.

Bitcoin Price Prediction

BTC is currently finding support at the 50-day simple moving average (SMA) at $112,395. However, the relief rally is encountering selling pressure near the $115,000 level. A strong rebound from the 50-day SMA could see BTC trading within a narrow range between the moving averages for a few days, likely preceding a broader range expansion. A break and sustained close above the 20-day SMA would signal bullish dominance, potentially driving BTC towards $120,000 and then $123,218. Surpassing $123,218 could ignite the next phase of the uptrend, aiming for $135,000. Conversely, a break below the 50-day SMA would suggest profit-taking by bulls. Bears might then attempt to push BTC below $110,530, which could lead to a significant drop towards $105,000 and potentially $100,000. On the 4-hour chart, BTC's price has retreated from the 50-SMA, indicating selling pressure on rallies. Minor support is present at $112,000, but a break below this level could see BTC fall to $110,530, where aggressive buying is anticipated. Bulls need to maintain prices above the 50-SMA to regain control and target resistances between $120,000 and $123,218.

Litecoin Price Prediction

Litecoin bounced off the $107 level on Sunday, suggesting bulls are working to establish this as a support zone. The upward-sloping moving averages and the RSI in the overbought territory imply that the path of least resistance is to the upside. If LTC can hold above $122, it may rally towards $130. Sellers might present resistance at $130, but a breakout above this could propel LTC to $140. A break below $120 would signal weakness, potentially leading to a decline towards the 20-day SMA at $111. On the 4-hour chart, LTC has gained momentum after breaking above the 50-SMA. Buyers pushed LTC past $122, but are facing strong selling pressure at higher levels. Bears are attempting to drive LTC below $122; if successful, LTC could retrace towards the 20-SMA. A rebound from $122 would enhance the probability of a rally to $130.

Cronos Price Prediction

Cronos (CRO) experienced a dip below the 20-day SMA ($0.13) on Saturday, but bulls quickly drove the price back above it. The upsloping 20-day SMA and an RSI near 58 favor a bullish outlook. A decisive break and close above $0.15 would indicate a resumption of the uptrend, with potential targets at $0.17 and $0.19. To halt the rally, sellers would need to push CRO below $0.12, which could then lead to a decline towards the 50-day SMA at $0.10. On the 4-hour chart, CRO bulls managed to push the price above the 50-SMA but could not sustain the gains. Bears are currently trying to pull CRO below the 20-SMA, a critical near-term support. A rebound from the 20-SMA could allow bulls to target $0.15, while a break below it would signal selling pressure and a potential drop to $0.12.

Ethena Price Prediction

Ethena's recovery attempt stalled at $0.70 on July 28. However, bulls stepped in to buy the dip, bringing the price back to the 20-day SMA ($0.54) on Sunday. The upsloping 20-day SMA and a positive RSI suggest that buyers currently hold the advantage. For Ethena to initiate its next upward leg, bulls must push the price above $0.70, with subsequent targets at $0.82 and $0.96. A fall below the 20-day SMA would indicate a waning bullish sentiment, potentially leading to a drop in Ethena's price to $0.42. On the 4-hour chart, Ethena is trading within a descending channel. A dip below the 20-SMA could lead to a decline towards the support line, where buyers may re-enter the market. A rebound from the 20-SMA would signify buying on dips, with a potential climb towards the resistance line. To conclude the corrective phase, bulls need to break above this resistance.

Mantle Price Prediction

Mantle has formed an inverse head-and-shoulders pattern. This pattern will be considered complete upon a break and sustained close above the neckline at $0.85. The upsloping 20-day SMA ($0.78) and a positive RSI indicate that bulls have the upper hand. Holding above $0.85 could drive Mantle's price to $0.94, then to $1.06, with a pattern target of $1.15. Sellers will attempt to pull the price below $0.85 to trap bulls, potentially causing Mantle to retrace to the 20-day SMA and subsequently the 50-day SMA. On the 4-hour chart, Mantle has turned upwards from the $0.67 level and gained momentum after surpassing the 50-SMA. Bears have managed to stall the rally at $0.85, but bulls have bought the dip and are making an effort to resume the upward movement. Sustaining prices above $0.92 could propel Mantle towards $1. This bullish outlook would be invalidated if the price falls below $0.80, potentially leading to a drop to the 20-SMA.

This article does not constitute investment advice or recommendations. All investment and trading decisions carry inherent risks, and readers are encouraged to conduct their own thorough research.

Source: Bitcoin slumps, but LTC, CRO, ENA, and MNT remain strong on the charts by Rakesh Upadhyay, Cointelegraph.

Frequently Asked Questions (FAQ)

Bitcoin and Market Trends

Q: What is causing Bitcoin's price to fluctuate recently?

A: Bitcoin's price is experiencing fluctuations due to a combination of factors, including cautious institutional investor sentiment leading to net outflows in spot Bitcoin ETFs, while corporate treasuries see weakness as a buying opportunity.

Q: What are US spot Bitcoin ETFs seeing in terms of investor activity?

A: US spot Bitcoin ETFs experienced a net outflow of $323.5 million on Monday, indicating a recent cautious approach from institutional investors.

Q: How are corporate treasuries reacting to Bitcoin's price weakness?

A: Corporate treasuries are viewing Bitcoin's weakness as a buying opportunity, with some adding more than 600 BTC.

Altcoin Performance

Q: Which altcoins are showing strength in the current market?

A: The article highlights Litecoin (LTC), Cronos (CRO), Ethena (ENA), and Mantle (MNT) as cryptocurrencies showing strength on the charts in the near term.

Q: What are the key support and resistance levels for Bitcoin?

A: Key support levels for Bitcoin are identified at $112,000 and $110,530, with potential resistance levels at $115,000, $120,000, and $123,218.

Technical Analysis and Price Predictions

Q: What technical indicators suggest a bullish trend for Litecoin?

A: Litecoin's bullish indicators include upsloping moving averages and an RSI in the overbought zone, suggesting an upward trend if it holds above $122.

Q: What are the potential price targets for Cronos if it breaks above $0.15?

A: If Cronos breaks and closes above $0.15, potential targets are $0.17 and $0.19.

Q: What is the bullish pattern identified for Mantle?

A: Mantle has formed an inverse head-and-shoulders pattern, which will be confirmed by a break above the neckline at $0.85.

Bitcoin slumps, but LTC, CRO, ENA, and MNT remain strong on the charts