Bitcoin Stalls as TON, RNDR, PEPE, and AR Show Bullish Signals

Bitcoin has experienced some setbacks in its recovery, with bears taking advantage of rallies to sell off the cryptocurrency. As a result, Bitcoin is on track to finish the week with a loss of over 4%. The longer Bitcoin remains near the $60,000 mark, the greater the chance of a downside break. Analysts remain optimistic about the price action in the post-halving cycle. Timothy Peterson, founder and investment manager of Cane Island Alternative Advisors, believes that Bitcoin could surge to between $175,000 and $350,000 in the next 9 months, though he cautions that the current bull market may end in January 2025.

Despite the sideways movement of Bitcoin’s price, some traditional finance companies are starting to add Bitcoin to their portfolios. JPMorgan Chase and Wells Fargo have reported exposure to spot Bitcoin exchange-traded funds in their recent filing with the United States Securities and Exchange Commission. While their allocation to Bitcoin is currently small, this move is seen as a positive step in the right direction.

With Bitcoin’s range-bound action, attention may shift to altcoins. Let’s take a look at the top 5 cryptocurrencies that show promise on the charts.

In terms of Bitcoin price analysis, the bulls have managed to defend the $59,600 level but have struggled to push the price above the 20-day exponential moving average ($62,650). The downsloping 20-day EMA and negative relative strength index (RSI) indicate an advantage for sellers. If the $59,600 level is breached, there is a possibility of a retest of the May 1 intraday low of $56,552. Buyers are expected to step in at this level. If the bears continue to dominate, the pair could drop to the 61.8% Fibonacci retracement level.

For Toncoin price analysis, buyers have been attempting to break above the immediate resistance of $7.23, but the bears are holding their ground. The fact that buyers haven’t allowed the price to fall below $7.23 increases the chances of a break above this level. If that happens, the TON/USDT pair could challenge the resistance at $7.67. The moving averages and RSI on the 4-hour chart suggest that the bulls currently have an upper hand.

Moving on to Render price analysis, the bulls broke above the moving averages on May 5, indicating an end to the corrective phase. While the bears are trying to stall the recovery near the $12 resistance, the fact that the bulls haven’t given up much ground suggests that dips are being bought. The current bullish momentum may continue if the price remains above the 20-day EMA. If the bears manage to break the pair below this level, the short-term bullish view will be invalidated.

Looking at Pepe price analysis, there has been a steady recovery for Pepe, with sustained buying at lower levels. The price action has formed an inverse head-and-shoulders pattern, which will complete if the price breaks and closes above $0.0000092. If buyers maintain the price above the neckline, the PEPE/USDT pair may continue its uptrend, with a target of $0.0000145. The moving averages are likely to act as strong support during pullbacks.

In Arweave price analysis, Arweave has been gradually climbing higher, indicating strong demand from buyers. The upsloping 20-day EMA and RSI above 61 suggest that the bulls are in control. The AR/USDT pair could reach the resistance level at $47.51, which will be an important level to watch. If the price breaks above this resistance, the pair may accelerate towards $52 and then $68. A break below the moving averages may invalidate this bullish view.

The cryptocurrency market is experiencing mixed price action, with Bitcoin facing selling pressure and altcoins showing varying levels of promise on the charts.