Bitcoin trades sideways while TON, RNDR, PEPE and AR are sending bullish signals.

Bitcoin (BTC) has been unable to sustain its rally this week, indicating that the bears have not given up and are using the bulls to sell. Bitcoin looks set to end the week with a loss of more than 4%. The longer the price stays at $60,000, the more likely a bearish breakdown becomes.

However, analysts remain optimistic about price movements after the halving. Bitcoin could soar to “between $175,000 and $350,000 in the next nine months,” according to Cane Island Alternative Advisors founder and investment manager Timothy Peterson. “This bull market will end in January 2025,” Peterson warned in his X post.

Despite sideways price movements, some traditional financial firms are adding Bitcoin to their portfolios. JPMorgan Chase and Wells Fargo reported exposure to spot Bitcoin exchange-traded funds in filings with the U.S. Securities and Exchange Commission on May 10. The allocation to Bitcoin is small but appears to be a step in the right direction.

Will Bitcoin’s range restrictions shift focus to altcoins? Let’s study the top five cryptocurrencies that look promising on the charts.

Bitcoin Price Analysis

The bulls successfully defended Bitcoin’s $59,600 level, but were unable to push the price above the 20-day exponential moving average ($62,650). This shows a fierce battle between a bull and a bear.

A bearish 20-day EMA and a relative strength index (RSI) in negative territory indicate an advantage for sellers. A break of the $59,600 level could allow the BTC/USDT pair to retest the May 1st intraday low of $56,552. This level is expected to attract buyers’ attention, but if bears prevail, the pair could fall to the 61.8% Fibonacci retracement level of $54,298.

If you want to stop the downtrend, you need to keep the price above the 20-day EMA. That could push the pair up to $67,250. Buyers will need to overcome this hurdle to begin the uptrend to $73,777.

The 20-EMA on the 4-hour chart has flattened and the RSI is near the midpoint, indicating selling pressure is waning. An important support level to watch for downside is $59,600. A violation of this level could lead to increased selling, sending the price plummeting to $56,552.

Conversely, if the price rises above the 50 simple moving average, it suggests that the bulls are attempting a rebound. The pair could rise to $63,500 and later to $65,500. A break above this resistance is a sign that the bears may lose control.

Toncoin price analysis

Toncoin (TON) attempted to rise above the immediate resistance at $7.23, but the bears remain in place.

A small positive in favor of the bulls is that the price was not allowed to fall significantly below $7.23. This increases the chances of a break above $7.23. If that happens, the TON/USDT pair could challenge the resistance at $7.67.

The essential support to watch for downtrends is the moving average. A break and close below this support suggests that the pair may consolidate between $4.72 and $7.67 over the next few days.

Both moving averages are sloping to the right and the RSI is near overbought territory on the 4-hour chart, indicating that the bulls have the upper hand. Buyers will try to further strengthen their position by pushing the price above $7.23.

Conversely, bears will try to push the price below the 20-EMA. If they do so, it would suggest that the bears are aggressively defending overhead resistance. The pair may then fall towards the 50-SMA.

Render Pricing Analysis

Render (RNDR) broke above its moving average on May 5, signaling that the correction phase may be over.

The bears are trying to stall the recovery near the overhead resistance of $12, but the bulls have failed to find much support. This indicates that you are buying the dip. The moving averages have completed a bullish crossover and the RSI is in positive territory, indicating that the bulls are in control.

If the price rises from current levels or bounces off the 20-day EMA ($9.59), a rebound above $12 is likely. The RNDR/USDT pair could then rise to $13.83. This optimistic outlook is invalidated in the short term if the price declines and falls below the moving average.

The bears are trying to break below the 20-EMA. If successful, the short-term bullish momentum could weaken and the pair could plummet towards the 50-SMA. This level may attract buyers, but a bounce may face selling at the 20-EMA. If the 50-SMA is broken, the next stop is likely to be $9.50.

For buyers to maintain their holding, they need to defend the 20-EMA and push the price above the $12 resistance.

Related: Is the altcoin market facing an ‘explosive rally’? Analysts pay attention to these three indicators.

Pepe price analysis

Pepe (PEPE) has been recovering steadily over the past few days, seeing continued buying at low levels.

The price action formed an inverted head and shoulders pattern that completed at the break and closed above $0.0000092. If buyers keep the price above the neckline, the PEPE/USDT pair could resume its upward trend. The pattern target for the bullish setup is $0.0000145.

Moving averages are likely to act as strong support during a downtrend. If the price bounces from the moving average, it means sentiment is still positive and traders are buying dips. A crack in the $0.0000060 support will likely turn the trend negative in the near term.

Looking at the 4-hour chart, we can see that the moving average is supported by the moving average, which indicates that the bulls are fiercely defending that level. Buyers must overcome an overhead hurdle of $0.0000092 to gain the upper hand.

If the price moves lower and falls below the moving average, it means the bears are back in the game. The price may then fall to the important support at $0.0000076, which is likely to witness strong buying by the bulls.

Arweave price analysis

Arweave (AR) has been rising gradually over the past few days, indicating solid demand from the bull market.

The bullish 20-day EMA ($36) and RSI above 61 suggest that the bulls have the upper hand. The AR/USDT pair may reach the overhead resistance of $47.51, which is an important level to watch out for. If the bulls push the price above this resistance, the pair is likely to accelerate towards $52 and then $68.

This positive view will be invalidated in the short term if the currency pair declines and falls below the moving average. That could take the pair to $26.50.

Looking at the 4-hours chart, we can see that the pair is finding support at the 50-SMA during the downtrend. Buyers will try to raise the price to $45 and later to $47.51. Sellers are expected to defend this area aggressively, as a failed effort could lead to a resurgence of bullish momentum.

50-SMA is a support level to watch out for on the downside. If this level is broken, the pair could plummet to $36 and fall next to $34. The price may bounce from this area, but selling at the 20-EMA is likely.