Bitcoin steady at $26K as MKR, AAVE, RUNE, and RNDR exhibit promising trends

Bitcoin seems primed for a potential upswing, a movement that might reignite enthusiasm in MKR, AAVE, RUNE, and RNDR investments. Over the past trio of weeks, it has manifested recurrent Doji formations on its weekly analysis, indicating a probable conclusion of this week on an upbeat note. This hints at a developing consensus leaning towards a bullish scenario, settling the recent uncertainty between the market’s bullish and bearish factions.

Even though the upturn is yet to materialise fully, the forthcoming Federal Open Market Committee assembly scheduled for September 20 holds the potential to amplify market fluctuations. Many market observers anticipate the Federal Reserve retaining the current interest rates. However, unforeseen revelations might surface during the press briefing led by Fed Chair Jerome Powell after the announcement on rate determinations.

Bitcoin’s recovery from the strong support near $24,800 has ignited buying interest in select altcoins, which provide trading opportunities. For these altcoins to continue their upward trajectory, Bitcoin needs to maintain above $26,500.

Could Bitcoin’s relief rally pick up momentum, triggering buying in select altcoins? Let’s study the charts of the top five cryptocurrencies that are showing promise in the near term.

Bitcoin price analysis

Bitcoin rose above the 20-day exponential moving average ($26,303) on Sep. 14, indicating that the selling pressure is reducing. Since then, the bulls thwarted several attempts by the bears to yank the price back below the 20-day EMA.

Buyers will try to build upon their advantage and drive the BTC/USDT pair to the 50-day simple moving average ($27,295). This level may act as a minor hurdle, but the pair will likely reach $28,143 if overcome. The bears are expected to defend this level with vigour.

Bears must sink the price below the 20-day EMA if they want to maintain the upper hand. That may trap the aggressive bulls and open the doors for a potential retest of the pivotal support at $24,800.

The price has been trading above the 20-EMA on the 4-hour chart, indicating that the bulls are buying on dips. This suggests that the traders expect the recovery to continue. If buyers clear the hurdle at $26,900, the pair may climb to $27,600 and eventually to $28,143.

Bears must sink and sustain the price below the 20-EMA if they want to make a comeback. Such a move will clear the path for a further fall to the 50-SMA and later to the strong support zone between $25,600 and $25,300.

Maker price analysis

Buyers propelled Maker above the 50-day SMA ($1,162) on Sep. 15, indicating that the bulls are attempting to take charge.

The MKR/USDT pair is on its way to $1,370. This level will likely witness a tough battle between the bulls and the bears. If the bulls do not give up much ground from this level, the likelihood of a break above it increases. The pair could pick up momentum and dash toward $1,759 if that happens.

The crucial level to watch on the downside is the 20-day EMA ($1,162). If this level cracks, it will suggest that the pair may swing inside the extensive range between $980 and $1,370 for some time.

The 4-hour chart shows that the bulls remain in command, but the RSI near the overbought territory suggests a minor correction or consolidation in the near term. The 20-EMA remains the critical level to watch on the downside. A break and close below it could indicate the start of a deeper correction toward the 50-SMA.

Instead, if the price bounces off the 20-EMA, it will be a sign that the bulls continue to buy the dips. That may start a rally toward the stiff overhead resistance at $1,370.

Aave price analysis

Aave surged above the moving averages on Sep. 16, indicating that the bulls have made their move. However, the long wick on the day’s candlestick shows selling at higher levels.

A minor advantage in favour of the bulls is that they did not allow the bears to make a comeback and are again trying to sustain the price above the 50-day SMA ($59). If they succeed, the AAVE/USDT pair will likely accelerate toward $70 and later to $76.

The 20-day EMA ($56) is the critical support to keep an eye on in the near term. If the price skids below this level, it will suggest that bears are active at higher levels. That could sink the pair to the solid support at $48.

The 4-hour chart shows that the bulls recently purchased the pullback to the 20-EMA, indicating that the sentiment has turned positive. Buyers will try to propel the price above the resistance at $63. The pair could soar to $70 if they can pull it off.

Contrary to this assumption, if the price turns down and breaks below the 20-EMA, it will suggest that demand dries up at higher levels. The pair could then slide to the 50-SMA, which may attract buyers.

THORChain price analysis

THORChain has staged a smart recovery in the past few days, indicating that the buyers are attempting a comeback.

The up-move is nearing the solid resistance at $2, which is likely to act as a significant roadblock. If the price turns sharply from $2, it will indicate that the bulls are rushing to the exit. That could lower the cost of the 20-day EMA ($1.62).

Contrarily, if the RUNE/USDT pair does not give up much ground from the current level, it will suggest that the bulls hold on to their positions as they anticipate the rally to extend further. If $2 is taken out, the pair could start a new uptrend to $2.30 and subsequently to $2.80.

The 4-hour chart shows that the $2 level acts as a resistance. The price may pull back to the 20-EMA, which will likely be a strong support. If the price rebounds off this level with strength, the bulls will again attempt to overcome the obstacle at $2. If they do that, the pair may soar toward $2.30.

The first sign of weakness will be a break and close below the 20-EMA. That could tempt several short-term traders to book profits. The pair may then slump to the 50-SMA.

Render price analysis

Render (RNDR) broke out and closed above the 50-day SMA ($1.58) on Sep. 15, indicating that the selling pressure could be reduced.

The moving averages are on the verge of a bullish crossover, and the RSI is in positive territory, indicating that bulls have a slight edge. If the price turns up from the 20-day EMA ($1.50), it will suggest a change in sentiment from selling on rallies to buying on dips. That could start a more robust recovery to $1.83 and then $2.20.

This optimistic view could be invalidated in the near term if the price continues lower and breaks below the moving averages. The RNDR/USDT pair could plummet to $1.38 and later to $1.29.

The moving averages on the 4-hour chart are sloping up, and the RSI is in positive territory, indicating an advantage to buyers. The first support to watch on the downside is the 20-EMA. If the price rises from this level, it will signal that bulls continue viewing the dips as a buying opportunity. That increases the possibility of a rally to $1.77.

On the contrary, if the 20-EMA gives way, the pair could slide to the 50-SMA. This is an essential level for the Bulls to defend because a break below it may sink the team to $1.39.

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