Bitcoin paves way for TON, STX, MNT, and MKR as it reaches $70K

Bitcoin (BTC) has experienced a 2% decrease this week, but the fact that it is not at its weekly low of $64,493 is a positive sign for the bulls. Many analysts believe that the next trigger for Bitcoin’s price will be the Bitcoin halving. Coinbase warns that the price of Bitcoin could face obstacles after the halving event because this time of year is typically weak for crypto markets and other risk assets. Although the upside appears open, the downside may be limited. Analyst Dylan LeClair suggests that even if there is a fall, Bitcoin is unlikely to drop to $50,000 where a large cluster of longs are at risk of being taken out. He cautions that anything is possible in the crypto markets. While Bitcoin has been leading the markets upward, several altcoins have outperformed it. Pantera Capital’s Liquid Token Fund has increased its allocations to DeFi tokens, which has helped it achieve a 66% return in the first quarter of 2024. Now, let’s analyze the top 5 cryptocurrencies that appear strong on the charts.

In terms of Bitcoin price analysis, it has been indecisive about its next move as it has been oscillating inside a symmetrical triangle pattern. The 20-day exponential moving average is gradually increasing, and the relative strength index is in positive territory, giving a slight edge to the bulls. A break above the triangle could lead to a rise to $73,777 and potentially $80,000. A break below the triangle could result in a decline to $59,000 and possibly $54,298.

Next, we analyze Toncoin (TON), which has been moving closer to its overhead resistance of $5.69. This indicates that the bulls are attempting to regain control. The negative divergence on the relative strength index suggests that a consolidation or correction may occur in the near future. If the bears defend the overhead resistance, the price could drop to the 20-day exponential moving average. But a break above $5.69 could lead to an uptrend toward $7.09.

Moving on to Stacks (STX), the price is currently sandwiched between the moving averages, indicating a battle between the bulls and bears. A break above $3.36 could signal that the bulls have absorbed the supply and potentially rally to $3.84 and beyond. A break below the 50-day simple moving average could indicate that the bears have taken control, leading to a deeper pullback.

For Mantle (MNT), the bulls have not allowed the price to fall below the 20-day exponential moving average, which is a positive sign. They will now attempt to retest the resistance at $1.50. The moving averages are sloping higher, indicating that the path of least resistance is to the upside. If the bulls overcome the resistance, the price may rally towards $1.90. A break below the 20-day EMA could signal a deeper correction.

Maker (MKR) has struggled to sustain its position above the $4,000 level, resulting in profit-booking. It could correct to the 20-day exponential moving average, which will be an important level to watch. A rebound from this support could indicate positive sentiment and a potential retest of the resistance at $4,074. A break below the 20-day EMA could lead to a drop to the 50-day simple moving average.

While Bitcoin’s price may face some hurdles after the halving event, the downside risks may be limited. Altcoins such as Toncoin, Stacks, Mantle, and Maker have shown strength on the charts and may outperform Bitcoin in the near term. It is important to monitor these cryptocurrencies closely to identify any potential shifts in their trends.