If Bitcoin Holds $64,000, MATIC, SUI, RENDER, TAO Could Surge

Bitcoin (BTC) is up more than 9% this week, indicating that bulls are trying to push the price towards the resistance level in the $55,724 to $73,777 range. According to data from SoSo Value, US-based spot Bitcoin exchange-traded funds (ETFs) saw strong inflows of $252 million on August 23, indicating solid buying by investors.

Bitcoin’s recent surge comes after Federal Reserve Chairman Jerome Powell said in a speech at the Jackson Hole Annual Symposium that interest rates would fall.

“Bitcoin demand surged in the US today as the Fed signaled that a rate cut cycle is about to begin,” Julio Moreno, head of research at CryptoQuant, wrote in a post on X on August 24.

Crypto sentiment is likely to improve further if Bitcoin does not give back most of its recent gains, which could encourage some altcoin buying, pushing them above their respective overhead resistance levels.

After Bitcoin’s meteoric rise, is it time for some altcoins to join the party? Let’s take a look at the top five cryptocurrencies showing strength on the charts.

Bitcoin Price Analysis

Bitcoin broke above its 50-day simple moving average ($61,759) on August 23, indicating that downward pressure is easing.

The 20-day exponential moving average ($61,110) has started to rise, and the relative strength index (RSI) has jumped into positive territory, indicating that bulls are making a comeback. There is minor resistance at $65,660, but if bulls overcome this barrier, the BTC/USDT pair could rise to $70,000.

The bears most likely have other plans. They will try to drag the price down below the moving averages and trap the aggressive bulls. The pair could crash to $57,787 and then to $55,724.

The uptrend in this pair is facing a selloff at $65,000, but the bulls will try to prevent a correction at the 20-EMA. If the price bounces off the 20-EMA and breaks above $65,000, the prospects for a rally above $65,660 will improve.

On the other hand, a break below the 20-EMA indicates that the bulls are hesitant to buy the dip. This could push the pair up to the 50-day SMA. A break below this support would mean that the bulls have given up their advantage.

Polygon Price Analysis

Polygon (MATIC) broke through the $0.49 breakdown level again on August 21, indicating that the market has rejected the lower levels.

The moving averages are on the verge of a bullish crossover, and the RSI is in positive territory, indicating that bulls have the upper hand. If the price declines from current levels, support is expected at the 20-day EMA ($0.47). If that happens, the bulls will try to push the MATIC/USDT pair to $0.75.

Instead, if the price declines and breaks below the moving average, it suggests that bears are active at higher levels. This could lead to a plunge to $0.39.

The price has fallen sharply from $0.58 but is supported by the 20-EMA. A weak bounce from current levels is likely to lead to a drop to $0.51 and then to the 50-SMA. If this support is broken, the odds are tilted in favor of the bears.

Conversely, if there is a strong bounce from the 20-EMA, the pair can rise to $0.58. If this resistance is relieved, it suggests that the bulls are in control. Then, the pair can rise to $0.60 and later to $0.65.

Sui price analysis

SUI bounced off the 20-day EMA ($0.87) on August 23, signaling aggressive buying at lower levels.

The bears are trying to delay the recovery just below the overhead resistance of $1.11. If the price rises above current levels or bounces back from the 20-day EMA, positive sentiment will emerge. This could encourage the bulls to push the price up to $1.20. If it breaks above this level, the next stop could be $1.44.

If the bears want to stop the upside, they need to pull the price down below the moving average and hold it, which could see the pair fall to $0.71.

The rising 20-EMA and the RSI in positive territory are in favor of buyers. The pair bounced off the 20-EMA and the bulls will try to retest the overhead resistance at $1.12.

Conversely, if the price declines and falls below the 20-EMA, it suggests that higher levels are attracting sellers. Then, the pair may decline to the 50-SMA and then to $0.80.

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Render Price Analysis

RENDER has surged over the past four days, breaking through its moving average, indicating that the downtrend is losing momentum.

The bears will not give up easily and will try to drag the price down below the moving average. However, if the price bounces off the 20-day EMA ($5.18), it will indicate solid demand at lower levels. Then the bulls will try to resume the recovery and recover to $7.26 and then $8.

This bullish outlook will be invalidated in the short term if the price breaks below the 20-day EMA, which could potentially lead to a drop to $4.38.

The 4-hour chart shows that the pair is rising, but the RSI is heavily overbought. This increases the risk of a short-term pullback, which will most likely find support at the 20-EMA.

If the price bounces off the 20-EMA, it suggests that the bulls are buying the dip. Then, the price can go up to $7.26. Conversely, if the price declines and falls below the 20-EMA, it suggests that the bulls are taking profits.

Bittensor Price Analysis

Vitensor (TAO) has been trending down from the resistance level of $361 on August 23, but the pullback is finding support near the moving averages.

The bulls will try to overcome the hurdle at $361. If they do, the TAO/USDT pair will complete a double bottom pattern. It could start a new uptrend to $440 and then $500.

If the price declines and breaks below the moving average, this positive outlook will be invalidated in the short term. The pair could crash to $250 and eventually fall to the important support level of $200.

Sellers have pushed the price down below the 20-EMA, but it turned out to be a bear trap. The price has changed direction sharply, and the bulls are trying to break above the overhead barrier at $361. If they can do that, the pair could start a new uptrend.

Conversely, if the price drops back to $361, it will be a sign that the bears are fiercely defending that level. The pair may fall to the 50-SMA, which is an important level to watch. If this level breaks, the pair may fall to the $243-255 area.