As Bitcoin gains strength, a notable rise is being observed across several altcoins, especially Shiba Inu (SHIB), Filecoin (FIL), Mantle Protocol (MNT), and Aave (AAVE).
Bitcoin Market Dynamics
Bitcoin is currently testing the crucial resistance level just below $100,000, instilling a sense of optimism among investors who believe this bullish momentum will continue. Raoul Pal, founder and CEO of Global Macro Investor, recently shared his view on X, suggesting that Bitcoin could reach a local peak exceeding $110,000 by January.
Market analysts share a generally positive outlook regarding Bitcoin’s future. Tom Lee, co-founder and head of research at Fundstrat Global Advisors, has even forecasted that Bitcoin could soar to $250,000 by 2025.
As Bitcoin’s dominance wanes—evidenced by analyst Mikybull Crypto’s commentary on its descent below a two-year support level—attention is gradually shifting toward altcoins. This shift signals what many are now calling “altseason” in the cryptocurrency landscape.
With all eyes on Bitcoin, the critical question arises: Will it break through the $100,000 barrier and drive further gains in altcoins? Here’s a closer examination of the top cryptocurrencies currently displaying promising upward trends.
As Bitcoin approaches the psychological $100,000 milestone, it faces significant resistance. Encouragingly, the price remains above a rising trend line, which, along with the upward movement of the 20-day exponential moving average (currently at $92,114) and a favorable relative strength index (RSI), indicates bullish momentum. If Bitcoin surpasses $100,000, analysts predict it could rally to $113,331, setting sights on $125,000 next. On the flip side, if the price dips below the 20-day EMA, it may lose momentum and retrace to around $85,000—an area that could attract buyer interest.
Examining the 4-hour chart, we notice that moving averages have started to flatten, while the RSI hovers just above neutrality. This suggests a balance between buying and selling pressure, possibly leading to consolidation in the $100,000 to $90,000 range for a while. A solid close over $100,000 would signal that buyers have absorbed recent selling activity, potentially triggering a move toward $113,331. Conversely, if Bitcoin falls below $90,000, short-term traders might take profits, which could push prices down to the supportive $85,000 level.
Shiba Inu Performance
On December 1, Shiba Inu (SHIB) broke through the pivotal resistance at $0.000030, marking the completion of a bullish inverse head-and-shoulders pattern. If buyers can maintain this level, the SHIB/USDT pair could see an increase towards $0.000039. Although this target might prove challenging, breaking through it could propel the price to the anticipated target of $0.000047. However, a failure to hold above $0.000030 could mean that the breakout was a false signal, leading to a potential decline back to the 20-day EMA at $0.000025, where buyers might re-enter the market.
On the 4-hour chart, the trading pair is holding steady above the $0.000030 level, but sellers may attempt to push the price back down. A successful retest could bring about a drop to the 20-day EMA. Alternatively, if SHIB can establish itself above $0.000030, this level might become a new support base, with minor resistance at $0.000035 likely to be surpassed, setting the stage for a rally toward $0.000039.
Filecoin’s Current Standing
Filecoin (FIL) showcased a breakout and closed above $6.77 on November 30, illustrating a bullish rounding bottom pattern. Sellers are likely to try and dip the price below this crucial breakout level to trap eager bulls. If they succeed, the FIL/USDT pair could retreat to the 20-day EMA situated at $5.33, a critical area for buyers to protect to maintain positive sentiment. Conversely, should FIL bounce off its current level and move above $7.33, it would suggest that buyers successfully converted the $6.77 level into support, increasing the likelihood of reaching $9.34.
The 4-hour chart indicates upward-trending moving averages, and while the RSI suggests overbought conditions, the market favors buyers. A rise above $7.33 would confirm the continuation of the upward momentum; however, a fall below $6.77 could lead to a retreat toward the 20-day EMA, possibly further down to the 50-SMA.
Mantle (MNT) is grappling with a significant hurdle as bulls aim to break the resistance at $0.94. A successful breach could position the MNT/USDT pair to rise to $1.10, where considerable selling pressure is expected. However, should MNT fail to hold above $0.94, it may trigger a decline to the 20-day EMA at $0.81, a crucial support level for bulls to guard. A strong bounce from this level could increase the chances of a breakout past $0.94.
On the 4-hour chart, upward-moving averages and an RSI nearing overbought territory reinforce buyer dominance. Although the price pushed past $0.94, overcoming and maintaining this level proved challenging. The 20-day EMA will act as initial support; a rebound here could signify continued positive sentiment.
Aave (AAVE) celebrated its successful breakout above the $200 threshold on November 27, suggesting a renewed upward trend. Sellers made an effort to pull the price down below $200 on November 29, but ultimately failed to sustain lower levels. Following this, the AAVE/USDT pair rebounded off $200 on November 30, indicating bullish attempts to establish this level as support. For buyers to facilitate a climb toward $260, the price must be maintained above $215. However, dropping below $194 could undermine this bullish perspective, putting the price at risk of falling to the 20-day EMA at $183.
Keep an eye on short-term support at the 20-day EMA, where sellers are currently attempting to drive the price down. A strong bounce from this level would suggest ongoing demand, furthering the likelihood of a trend continuation. Conversely, dropping below the 20-day EMA could indicate a loss of bullish momentum, leading to potential declines towards the 50-SMA as sellers gain traction.
Source: Cointelegraph
