5 Cryptocurrencies with the Best Upside Potential in the Week Ahead

Bitcoin’s (BTC) volatility has shrunk further this week and is on track to form an inside bar pattern on the weekly chart. Although the bulls are finding it difficult to clear the hurdle in the $30,000 to $31,000 zone, a positive sign is that they have not ceded to the bears.

It’s not just cryptocurrencies, even the S&P 500 index has fluctuated within a range in recent days. This indicates that the markets are waiting for a trigger to start the next directional movement.

While the short-term price action is uncertain, analysts are bullish on the long-term. Trader Titan of Crypto highlighted a potential signal on the Bollinger Bands monthly chart, which predicts a rally to $63,500 in about a year.

While most major cryptocurrencies gave up some ground in the past week, there are still some pockets of strength. Let’s analyze the charts of five cryptocurrencies that could emerge in the short term.

Bitcoin price analysis

Bitcoin turned down sharply from the resistance line of the symmetrical triangle pattern on May 6, indicating that the bears are not willing to let the bulls through. A less positive is that the bulls have bought dips to the support line of the triangle seen from the long tail of today’s candlestick.

The flat 20-day exponential moving average ($28,819) and the relative strength index (RSI) near the midpoint do not signal a clear advantage for either the bulls or the bears.

If the price breaks below the triangle, it will indicate that bears are trying to take control. The BTC/USDT pair may first fall to $26,942 and then to $25,250.

On the other hand, a break and close above the triangle would indicate that the bulls have absorbed the supply. It could start a rally to $32,400 where the bears are again expected to mount a strong defense.

Buyers pushed the price above the triangle, but the long wick on the candlestick shows that the breakout turned out to be a short-term bull trap. BTC price fell sharply and plunged to the support line of the triangle.

The rejection of this level has reached the moving averages, which is an important short-term level to watch out for. If Bitcoin’s price goes down from the current level, it will increase the chances of a break below the support line.

Conversely, if buyers kick the price above the moving averages, the pair may rise to the resistance line. The bulls must drive and sustain the price above this level to initiate an up move.

Ether price analysis

Ether (ETH) faced a strong rejection above the $2,000 psychological resistance on May 7. This indicates that the bears have not given up and they continue to protect the overhead resistance levels.

The 20-day EMA ($1,903) has flattened and the RSI is near the midpoint, indicating that the ETH/USDT pair may remain range-bound in the near term. The range limits can be between $2000 and $1785.

A consolidation just below the local high is a positive sign. It shows that the bulls are in no rush to book profits, raising the possibility of a break above $2,200.

On the contrary, if the price dips below $1,785, it would indicate that bears have taken control. It could start a drop to $1619.

The 4-hour chart shows that the bears could not build on the break below the 50-simple moving average. This shows that sales pressure is reduced at lower levels. The bulls are trying to stage a recovery by maintaining the price above the 20-EMA. If they manage to do so, the pair will again try to test the crucial $2,000 resistance.

On the contrary, if the ETH price goes down from the current level and breaks below the 50-SMA, it will indicate that the bears are in command. It can lower the pair to the support line.

Monero Price Analysis

Monero (XMR) is trying to stay above the moving averages, indicating that the bulls are trying to make a comeback.

The flat 20-day EMA ($156) and RSI just above the midpoint indicate a balance between supply and demand. If buyers push the XMR price above the neck of the inverse head and shoulders pattern, the advantage will tilt in their favor.

The XMR/USDT pair can then start a new up movement. There is a minor resistance at $181, but if crossed, the pair could reach $187.

Instead, if the price goes down from the current level or neck, it would indicate that the bears remain active at higher levels. The sellers will then try to pull the price below the $149 support, opening the door for a decline to $130.

The 4-hour chart shows that the price bounced back from the 50-SMA, but the bulls could not pierce the resistance line. This shows that the bears sell at conventions. If the price falls back from the 20-EMA, it will indicate that sentiment is turning positive and traders are buying on dips.

The bulls will then make another attempt to clear the obstacle. If they manage to do so, the pair could first rise to $162 and then to $164.

Alternatively, if the price goes down and breaks below the 50-SMA, it would indicate that the bears are in control. That will increase the likelihood of a retest of the support line.

Related: The Ethereum Foundation Just Sold $30 Million in Ether – But Will the ETH Price Fall This Time?

OKB price analysis

OKB (OKB) trades within a large symmetrical triangle pattern. Generally, in this setup, traders buy near the support line and sell near the resistance.

The bears are trying to keep the OKB price below the 50-day SMA ($45.57) while the bulls are trying to regain the level. If the price moves up from the current level or pulls back from the support line, it will suggest demand at lower levels.

If buyers push the price above the 20-day EMA ($46.87), it will suggest that the OKB/USDT pair may extend its stay in the triangle for some more time.

Contrary to this assumption, if bears lower the price below the triangle, it would indicate that the setup has behaved as a reversal pattern. It could start a new downtrend that is likely to pull the pair to $37.

The 4-hour chart shows that the bulls are trying to defend the horizontal support near $44.35, but they have not been able to drive the price above the moving averages. This suggests that every smaller aid meeting is sold. If the price declines from today’s level and falls below $44.35, the pair may fall to $41.70.

Conversely, if the price rises above the moving averages, it will signal accumulation at lower levels. The pair may first rise to $49.50 and then try a rally to $53.

Rocket Pool Price Analysis

Rocket Pool (RPL) looks strong as it trades above moving averages. This shows that the bulls are buying on dips.

The bulls need to drive the price above the overhead resistance at $53.45 to signal that the correction phase may be over. The RPL/USDT pair may then attempt a rally to $58.

Another possibility is that the RPL price rises from the 20-day EMA ($48.36) but declines from $53.45. That would indicate a possible range-bound action between the 50-day SMA ($46.13) and $53.45 for some time.

A break and close below the 50-day SMA would be the first indication that the bears are in command. That would open the door for a potential drop to $37.

The 4-hour chart shows that the bears are trying to sustain the price below the 20-EMA while the bulls are trying to push the price above it. If buyers are successful, the pair may rise to the downtrend line. This is the most important short-term level to watch for. If this resistance is overcome, the pair could rise to $53.45.

Conversely, if the price declines from the current level and breaks below the 50-SMA, the price risks falling to the support line. The bulls are likely to defend this level fiercely.

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.