UNI, SUI, OP, HNT may rise as Bitcoin range recovers

Bitcoin (BTC) traded between $55,724 and $73,777 on September 6, opening the way for a further decline to the intraday low of $49,000 on August 5. According to Alvin Kahn, COO of Bitget Wallet, Bitcoin could remain under pressure until the Federal Reserve’s interest rate decision on September 18. However, Kahn expects risk assets to rally in the short to medium term after the rate cut announcement.

Arthur Hayes, former CEO of BitMEX cryptocurrency exchange who previously predicted Bitcoin would drop below $50,000, has changed his view. He now expects Bitcoin to rally as early as next week, thanks to increased US dollar liquidity from the Fed.

While several altcoins have fallen due to Bitcoin’s recent weakness, some have avoided selling. This is a positive sign, as these altcoins are likely to outperform on the way up once Bitcoin begins its relief rally.

Can Bitcoin rally back above $55,724 and keep the aggressive bears at bay? Let’s take a look at the top five cryptocurrencies that could participate in the potential recovery.

Bitcoin Price Analysis

Bitcoin crashed on September 6, closing below support at $55,724, a sign that bears are trying to take control.

Typically, when prices break a key support level, they tend to retest the breakdown level. The BTC/USDT pair could rally to $55,724, at which point the bears will try to delay the recovery. If the price breaks below $55,724, it suggests that the bears have turned the level into a resistance level. This could lead to increased selling and drag the price towards the key support level of $49,000.

The first sign of relief for the bulls would be a breakout and close above the 20-day exponential moving average ($57,957). A break above this level could lead to a relief rally reaching the 50-day simple moving average ($60,839).

The bears have not allowed the price to rise above the moving averages for some time, which suggests that any relief rally is being viewed as a selling opportunity. The minor support is at $53,969, but if that level breaks, the pair could fall to $49,000.

In an uptrend, the bulls would need to push the price above the 50-SMA to signal that sellers have given up, which would open the way for a rally to $60,000 and then $62,000.

Uniswap Price Analysis

Uniswap (UNI) is looking to start a rebound rally but is expected to face resistance near the $6.74 breakdown level.

The flat 20-day EMA ($6.25) and the RSI near the midpoint suggest that selling pressure is decreasing. If buyers push the price above the 50-day SMA ($6.55), the UNI/USDT pair could move to $8.66. There is a small resistance at $7.22, but a crossover is likely.

Alternatively, if the price declines from $6.74 and falls below the 20-day EMA, it suggests a range formation in the short term. The pair may fluctuate between $6.36 and $7.22 for some time.

The pair has gradually moved up to the overhead resistance zone between $6.74 and $7.22. The 50-SMA is an important support level to watch on the downside. If the price stays above the 50-SMA, it suggests that the bulls are buying on the downside. Then, a retest of $7.22 is likely to occur.

If the bulls want to stop the upside, they need to pull the price down and keep it below the 50-SMA, which could send the pair crashing to $5.50.

Sui price analysis

SUI has reached the resistance line of the descending channel pattern, at which point the downtrend will likely try to stop its uptrend.

If the price falls from the resistance line but bounces off the moving average, it indicates positive sentiment. This increases the possibility of a break above the channel. If that happens, the SUI/USDT pair can go up to $1.20.

This positive view will be invalidated in the short term if the price breaks down from the resistance line and breaks below the moving average. Such a move suggests that the pair may remain inside the channel for a longer period.

Both moving averages are rising, and the RSI is in positive territory, indicating that bulls are in control. If buyers maintain momentum and push the price above the channel, the pair could rally to $1.12 and later to $1.20.

Conversely, if the price continues to decline and falls below the 20-EMA, it suggests that the bears are trying to keep the pair within the channel. If the bears drag the price below the 50-SMA, the pair will become even weaker.

relevant: Bitcoin Analyst: BTC Price Bottoms at $45,000, ‘Biggest Bull Cycle’ Expected

Optimistic price analysis

Optimism (OP) closed above the 20-day EMA ($1.40) on September 7th and reached the 50-day SMA ($1.47) on September 8th.

The RSI is rising near the midpoint, indicating that the bears are losing control. Buyers are likely to push the price above the 50-day SMA and overhead resistance at $1.65. If that happens, the OP/USDT pair could start a new uptrend towards $2.50.

Contrary to this assumption, if the price fails to hold above the 50-day SMA, it will be a signal that the bears are continuing to sell in the rally. The pair may decline to $1.22 and then to the solid support at $1.17.

The pair has pulled back to the moving average, indicating that the bears are making a strong challenge near $1.50. If the price bounces off the moving average, a rally above $1.50 is likely. The pair could rally to $1.65 and then to $1.77.

Instead, if the price continues to decline and falls below the moving average, it would suggest that bears are selling on every minor uptrend. Then, the pair could slide towards the uptrend line. If it falls below the uptrend line, selling could intensify and the price could fall to $1.20.

Helium Price Analysis

Helium (HNT) has started an uptrend over the past few days. The bears tried to push the price lower on September 3, but the bulls successfully defended the 20-day EMA ($7.33).

A minor negative on the chart is that a bearish divergence is developing on the RSI, which suggests that the bullish momentum is weakening. A breakout and close below the 20-day EMA would tip the scales in favor of the bears.

However, if the price breaks above the current level or the 20-day EMA and breaks above $8.67, it suggests that the uptrend is intact. Then, the HNT/USDT pair may attempt a rally to $10.

The 4-hour chart shows that the pair is facing resistance at $8.50. The flattened 20-EMA and the RSI near the midpoint suggest that buying pressure is decreasing. A break and close below the 50-SMA could lead to a drop to $7.

Or, if the price rises above the moving average, the bulls will make another attempt to push the pair above $8.67. If they succeed, the pair can resume its uptrend towards $9.75.