Bitcoin (BTC) rose to $106,000 a day before US President-elect Donald Trump’s inauguration. However, the coin that attracted the attention of traders over the weekend was Official Trump (TRUMP), the meme coin of US President-elect Donald Trump.
The TRUMP token, launched on the Solana network on January 17th, reached a high of over $79 on January 19th. This pushed Solana (SOL) to a new all-time high of $295. However, since then both TRUMP tokens and Solana have returned a small percentage of their profits.
Daily view of cryptocurrency market data. source: Coin360
While the possibility of Bitcoin reaching new all-time highs cannot be ruled out, cryptocurrency investors should be cautious as experienced traders tend to buy on rumors and sell on news. Bitcoin and altcoins could fall if they fail to live up to traders’ expectations.
If Bitcoin hits an all-time high, several altcoins are likely to join the party. Let’s take a look at some charts of the best cryptocurrencies that may perform better in the short term.
Bitcoin Price Analysis
Bitcoin is gradually rising towards its all-time high of $108,353, and the bears are expected to show strong defense.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
The 20-day exponential moving average ($98,800) has started to rise and the Relative Strength Index (RSI) is in positive territory, indicating that buyers have the upper hand. If the bulls break through the overhead resistance, the BTC/USDT pair could begin the next leg of the uptrend towards $126,706.
On the other hand, if the price declines from $108,353, it would be a sign that bears are active at higher levels. The pair may slip towards the 20-day EMA, which is an important level to watch out for. If the price bounces off the 20-day EMA, bulls will again attempt to overcome the $108,353 hurdle.
Sellers will need to pull the price below the moving average to begin a consolidation between $90,000 and $108,353 over the next few days.
BTC/USDT 4-hour chart. Source: Cointelegraph/TradingView
On the 4-hour chart, the moving averages are rising and the RSI is in positive territory, indicating an advantage for buyers. There is a small hurdle of $106,000, but it is likely to be overcome. The pair could then challenge the critical level of $108,353.
Time is running out for the bear. To prevent an uptrend, the price needs to be pulled below the 20-EMA. This opens the door for a decline to $100,000 and then to the 50 simple moving average.
XRP Price Analysis
XRP (XRP) is correcting its upward trend, indicating that short-term buyers are taking profits.
XRP/USDT daily chart. Source: Cointelegraph/TradingView
The XRP/USDT pair may slip towards a breakout level of $2.91, which is an important level to keep an eye on. If the price is forced to bounce from the $2.91 level, it would be a sign that the bulls have reversed to a support level. This increases the chances of a break above $3.40. The pair could then rebound towards the pattern target of $4.84.
Conversely, a drop below $2.91 would signal that the uptrend is losing steam. The pair may fall towards the 20-day EMA ($2.71) and later towards the 50-day SMA ($2.44).
XRP/USDT 4-hour chart. Source: Cointelegraph/TradingView
The bears have pulled the price below the 20-EMA but are struggling to push the price down to $2.91. This is a buy signal when prices are falling. If the price rises and stays above the 20-EMA, the pair could retest the $3.40 resistance. A break above this level could trigger the next phase of the move up to $4.10.
If the price declines from the 20-EMA, a decline to $2.91 is likely. Sellers would need to drag and sustain the price below $2.91 to suggest the start of a deeper correction. The pair could plummet to $2.60 and eventually fall to $2.20.
Solana Price Analysis
Solana (SOL) surged on January 18, breaking overhead resistance at $260. This indicates that the bulls are in control.
SOL/USDT daily chart. Source: Cointelegraph/TradingView
Buyers extended the rally on January 19, but the long wicks of the candlesticks indicate selling at higher levels. The $260 level is likely to witness a tough fight between bulls and bears. If the price rises from $260, the SOL/USDT pair could rise to $300 and later to $375.
Sellers should keep the price below $260 to dampen the bullish momentum. This could allow buyers to book profits and push the pair towards $240 and eventually the 20-day EMA ($212).
SOL/USDT 4-hour chart. Source: Cointelegraph/TradingView
The 4-hour chart shows buyers taking profits close to the $300 level. This pushed the price to a breakout level of $260. This is an important level to pay attention to. Because a solid bounce means the bulls are trying to turn the level into a support level. The pair will attempt to break above $300 again and resume the upward trend.
Conversely, a weak bounce from $260 suggests a lack of aggressive buying. This increases the risk of a collapse of the 20-EMA. A crack even at this level could cause the pair to collapse towards $220.
OFFICIAL TRUMP PRICE ANALYSIS
The Trump official has witnessed massive rallies since his launch. Because the trading history is short, I am analyzing it using a 30-minute chart.
TRUMP/USDT 30-minute chart. Source: Cointelegraph/TradingView
The TRUMP/USDT pair is down from $79 but is finding support at the 20-EMA. This means that sentiment is still positive and traders are buying dips. The bulls will make another attempt to break the $79 barrier. If that happens, the pair could soar to $109.
Alternatively, if the price falls and closes below the 20-EMA, it indicates that traders are aggressively booking profits. If the pair falls below $53, the selling could push higher. This could extend the decline to the 50-SMA.
relevant: Insider trading allegations surface as TRUMP memecoins flood Solana DEX.
Algorand Token Price Analysis
Algorand (ALGO) declined at $0.50 on January 17th, indicating that bears are aggressively defending the level.
ALGO/USDT daily chart. Source: Cointelegraph/TradingView
The 20-day EMA ($0.40) is trending upward and the RSI is in positive territory, indicating that the bulls have the upper hand. If the price rises above $0.45, bulls will again try to push the ALGO/USDT pair above $0.50. If successful, the pair could rise to $0.55 and then to $0.61.
This positive view is invalidated in the short term if the price falls and closes below the moving average. The pair could then fall towards $0.32.
ALGO/USDT 4-hour chart. Source: Cointelegraph/TradingView
The price has bounced off the 50-SMA but the bears are trying to halt the relief rally at the 20-EMA. If the price declines sharply from the 20-EMA, the chances of a decline below the 50-SMA increase. If that happens, the pair could plummet to $0.32.
Conversely, if the price breaks and holds above the 20-EMA, this would be a solid buy signal at lower levels. The bulls will then try to overcome the $0.50 hurdle, paving the way for a rally towards $0.61.
XDC Network Price Analysis
XDC Network (XDC) pulled back with strong gains, but the bulls didn’t give much to the bears.
XDC/USDT daily chart. Source: Cointelegraph/TradingView
The XDC/USDT pair finds support near the 38.2% Fibonacci retracement level at $0.12. If the price rises from current levels and breaks above $0.16, the pair could begin the next rally leg towards $0.20.
Instead, if the price declines and falls below $0.12, it means the bulls are rushing for the exit. The pair could then fall towards the 20-day EMA ($0.11). Sellers need to push the price below the 20-day EMA to indicate that the price has hit a near-term high.
XDC/USDT 4-hour chart. Source: Cointelegraph/TradingView
The pair fell below the 20-EMA, but buyers were on the decline. Buyers will try to push the price above the downtrend line. That could allow the pair to reach $0.16. This level could offer strong resistance, but if the bulls prevail, the pair could resume its upward trend.
50-SMA is an important support level to watch out for on the downside. A breakout and close below this level could push the pair down to $0.10, which is the 61.8% Fibonacci retracement level.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.