Bitcoin trades in tight range as XRP, LT, OM, and GT aim to move higher

Bitcoin (BTC) has been quiet over the weekend, indicating that the bulls and the bears are waiting for the next trigger to make their move. Although traders seem uncertain in the near term, analysts remain bullish over the long term.

Market analyst Gert van Lagen highlighted that Bitcoin has broken out of a megaphone pattern, which could start a parabolic rise toward the $270,000-$300,000 range by 2025. Separately, analyst apsk32 expects Bitcoin to follow gold’s rally and reach $400,000.

While analysts anticipate a large upward move in Bitcoin, they remain divided on the arrival of an altcoin season. One of the issues with altcoins is the rapid pace of new launches, which distributes traders’ liquidity thinly among tokens. CoinGecko co-founder and chief operating officer Bobby Ong said that 600,000 new tokens were created in January, a sharp rise from the roughly 50,000 new tokens minted every month in 2022-2023. 

Could Bitcoin break above the tight range it has been stuck in for the past few days? Let’s look at the top cryptocurrencies that may move higher if that happens.

Bitcoin price analysis

Bitcoin is facing resistance at the moving averages, but a positive sign is that the bulls have not ceded much ground to the bears.

That increases the likelihood of a break above the moving averages. The $100,000 level is likely to act as a hurdle, but it is expected to be crossed. The BTC/USDT pair could rise to $102,500 and subsequently to $106,500.

If bears want to prevent the upside, they will have to drag the price below the immediate support at $94,000. That could sink the pair to the solid support at $90,000. Buyers are expected to fiercely the $94,000 level because a break below it will complete a bearish double-top pattern. The next support on the downside is $85,000.

The pair has been trading inside a tight range between $98,500 and $94,800. The moving averages have flattened out, and the relative strength index (RSI) is just below the midpoint, indicating a balance between supply and demand. Buyers will have to push the price above $98,500 to open the doors for a rally to $102,200. 

Instead, if the price continues lower and breaks below the moving averages, it will suggest that the pair may remain inside the tight range for some more time. The short-term trend will shift in favor of the bears on a break below $94,000.

XRP price analysis

XRP (XRP) has formed a symmetrical triangle pattern, indicating indecision between the bulls and the bears.

The 20-day exponential moving average ($2.64) has started to turn up gradually, and the RSI is in the positive zone, indicating a minor advantage for the bulls. The XRP/USDT pair could rise to the downtrend line, which is likely to act as a stiff resistance. Buyers will have to drive and maintain the price above the triangle to seize control.

Contrary to this assumption, if the price turns down and breaks below the moving averages, it will signal that the pair may remain inside the triangle for some more time.

Both moving averages are sloping up on the 4-hour chart, and the RSI is in the positive territory, indicating an advantage to the bulls. A break and close above $2.84 could clear the path for a rally to the downtrend line.

Conversely, a break and close below the 20-EMA could pull the pair to the 50-simple moving average. That suggests the pair may remain inside the triangle for a while longer. The bears will be back in the driver’s seat on a break below the support line.

Litecoin Token price analysis

Litecoin (LTC) has been trading inside a symmetrical triangle pattern for several days, indicating buying near the support line and selling at the resistance line.

The upsloping 20-day EMA ($118) and the RSI above 57 suggest that buyers have a slight edge. If the price turns up from the current level or the 20-day EMA, it will signal buying on dips. The bulls will then try to propel the LTC/USDT pair above the triangle. If they succeed, the pair could rise to $141 and then $147.

On the other hand, a break and close below the 20-day EMA will indicate that the pair may oscillate inside the triangle for a few more days. The trend will favor the bears on a close below the support line.

The pair turned down from the resistance line and broke below the 20-EMA, suggesting profit booking by short-term traders. The bears will try to sink the price to the 50-SMA, which is a critical level for the bulls to defend. If the 50-SMA gives way, the pair could slump to $112.

This negative view will be invalidated if the price turns up from the current level or the 50-SMA and breaks above the resistance line. The pair could climb to $147, where the bears are likely to pose a substantial challenge.

Related: Here’s what happened in crypto today

MANTRA price analysis

MANTRA (OM) has been in a strong uptrend, but the long wick on the Feb. 15 candlestick shows profit booking above $8.

The OM/USDT pair is likely to find support at the 38.2% Fibonacci retracement level of $7.08 and then at the 50% retracement level of $6.73. A shallow pullback will increase the likelihood of the continuation of the uptrend. If the price breaks above $8.20, the pair could surge to $10.

Alternatively, a deeper pullback suggests that traders are rushing to the exit. The pair may slump to the 20-day EMA ($5.92), which is an important support to watch out for because a break below it could pull the pair to $5.27.

The 4-hour chart shows that the pair has been trading inside a tight range between $7.35 and $7.82. If the price turns up from the current level and rises above $7.82, the pair could rally to $8.20.

Contrarily, if the price breaks below $7.35, the pair could drop to $7.08 and, after that, to the 20-EMA. If the price rebounds off the 20-EMA, the pair will again try to resume the uptrend. Sellers will have to yank the price below the 20-EMA to start a deeper correction.

Gate Token price analysis

Gate Token (GT) closed above the downtrend line on Feb. 14, indicating that the bulls are trying to make a comeback.

However, sellers are unlikely to give up easily. They will try to pull the price back below the downtrend line. If the price rebounds off the 20-day EMA ($22.22), it will signal that the bulls are buying on minor dips. That will improve the prospects of a rally to $26.

Instead, if the 20-day EMA cracks, the GT/USDT pair could skid to the 50-day SMA ($20.67). This is a crucial support to watch out for because a break below it may open the gates for a fall to $17.43.

The pair is trying to take support at the 20-EMA on the 4-hour chart. If the price bounces off the 20-EMA and clears the $24 resistance, the pair could climb to $25 and subsequently to $26.

On the contrary, a break and close below the 20-EMA suggests the start of a deeper correction to the 50-SMA. Buyers will have to vigorously defend the 50-SMA because a break below it may sink the pair to $21 and later to $20.

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.