XRP, HBAR, BGB and XMR flash bullish signs as Bitcoin searches for direction

Bitcoin ( BTC ) has risen above $95,000, indicating that the bulls have maintained the buying pressure. Grayscale head of research Zach Pandl told Cointelegraph that Bitcoin is being “held back by strength in the US dollar,” but he expects the setback to be short-lived as the US presidential inauguration is right around the corner. Pandl sees a “structurally bullish outlook for crypto valuations.”

One of the closely watched bullish events is the possibility of establishing a strategic Bitcoin reserve in the US. CoinShares said in a blog post that if the Bitcoin Act is passed , it would “have a more profound long-term impact on Bitcoin than the launch of” the spot Bitcoin exchange-traded funds in 2024.

Crypto market data daily view. Source: Coin360

However, not everyone is bullish in the near term. Analyst Willy Woo said in a Jan. 10 X post that Bitcoin’s sentiment “seems uber bullish,” but a “cautious approach” is warranted as the risk is peaking and there is “plenty more profit-taking to go before we are properly reset.”

Could Bitcoin climb toward $100,000, pulling select altcoins higher? Let’s look at the charts of the top 5 cryptocurrencies that may outperform in the near term.

Bitcoin price analysis

Bitcoin’s recovery is facing resistance at the 20-day exponential moving average ($96,190), but the buyers are not ceding ground to the bears.

BTC/USDT daily chart. Source: Cointelegraph/TradingView

The bulls will again attempt to push the price above the moving averages. If they manage to do that, the BTC/USDT pair could reach the downtrend line, where the sellers are expected to mount a strong defense. If the price turns down sharply from the downtrend line, the pair risks forming a descending triangle pattern on a close below $90,000.

On the contrary, a break and close above the downtrend line will signal that buyers are back in the game. The pair may rise to $102,724 and eventually to $108,353.

BTC/USDT 4-hour chart. Source: Cointelegraph/TradingView

The bulls are trying to sustain the price above the 20-EMA. If they can pull it off, the pair may rise to the 50-simple moving average and subsequently to the downtrend line. If the price turns down from the downtrend line but bounces off the 20-EMA, it will suggest a change in sentiment from selling on rallies to buying on dips. That improves the prospects of a break above the downtrend line.

This optimistic view will be invalidated if the price turns down from the current level and plummets below $90,000. 

XRP price analysis

XRP ( XRP ) broke out and closed above the symmetrical triangle pattern on Jan. 11, indicating that the uncertainty has resolved in favor of the bulls.

XRP/USDT daily chart. Source: Cointelegraph/TradingView

The 20-day EMA ($2.34) has started to turn up, and the RSI is in positive territory, suggesting an advantage to the bulls. If the price maintains above the triangle, the XRP/USDT pair could climb to $2.73 and later to $2.91. Sellers are expected to aggressively defend the $2.91 level, but if the bulls prevail, the pair could surge toward the pattern target of $4.84.

The bears will have to pull the price back below the 20-day EMA to weaken the bullish momentum. The pair will signal a deeper correction on the break below the support line.

XRP/USDT 4-hour chart. Source: Cointelegraph/TradingView

The pair is likely to retest the breakout level from the triangle. If the price rebounds off the breakout level, it will signal that the bulls are trying to flip the level into support. That increases the likelihood of a break above $2.60. The pair may then rise to $2.73.

Conversely, a break and close below the triangle could trap the aggressive bulls. That may sink the pair to $2.20 and later to the support line. Buyers are expected to fiercely defend the zone between $2.20 and the support line.

Hedera price analysis

Hedera ( HBAR ) is forming a bearish descending triangle pattern, which will complete on a break and close below $0.24.

HBAR/USDT daily chart. Source: Cointelegraph/TradingView

A minor positive in favor of the bulls is that they have not allowed the price to dip below the 50-day SMA ($0.27). If the price turns up from the current level or the 50-day SMA with strength, it will signal demand at lower levels. The HBAR/USDT pair could rise to the downtrend line. A break and close above the downtrend line will tilt the advantage in favor of the buyers. The pair may then rise to $0.38.

Contrarily, a drop below the 50-day SMA suggests that the selling pressure is increasing. That could sink the pair to the $0.24 support.

HBAR/USDT 4-hour chart. Source: Cointelegraph/TradingView

The moving averages are crisscrossing each other, indicating volatile and random moves. If the price sustains below the 20-EMA, the bears will try to pull the pair to $0.26. This is a crucial level for the bulls to defend because a break below it may sink the pair to $0.24.

Buyers will have to push and maintain the price above the 50-SMA to gain strength. That could open the doors for a retest of the downtrend line. If this level gets taken out, the pair may ascend to $0.34.

Related: Here’s what happened in crypto today

Bitget Token price analysis

Bitget Token (BGB) is in a strong uptrend. Buyers bought the dip near the 20-day EMA ($6.10), indicating that the sentiment remains positive.

BGB/USDT daily chart. Source: Cointelegraph/TradingView

The bulls are trying to push the price to $8.50, where the bears are expected to mount a strong defense. If buyers bulldoze through $8.50, the BGB/USDT pair could climb to $10.

Instead, if the price turns down from the current level or overhead resistance, it will signal profit booking by the bulls. The bears will then make one more attempt to pull the pair below the 20-day EMA. If they succeed, the pair could drop to $5.50.

BGB/USDT 4-hour chart. Source: Cointelegraph/TradingView

The price has dipped to the 20-EMA, which is likely to attract buyers. A strong rebound off the 20-EMA increases the possibility of a break above $7.50. If that happens, the pair could rally to $7.86 and later to $8.50.

Contrary to this assumption, if the price continues lower and breaks below the 20-EMA, it will suggest that the bulls are losing their grip. The pair could drop to the 50-SMA and later to $6. That could delay the start of the next leg of the uptrend.

Monero price analysis

Monero ( XMR ) has been trading between the 50-day SMA ($191) and the $207 resistance for a few days.

XMR/USDT daily chart. Source: Cointelegraph/TradingView

The XMR/USDT pair has formed an ascending triangle pattern, which will complete on a break and close above $207. If that happens, the pair could rally toward the pattern target of  $225.

This positive view will be invalidated in the near term if the price turns down and breaks below the uptrend line. That will negate the bullish setup, pulling the price toward the solid support at $180. Buyers are expected to defend the $180 level with vigor.

XMR/USDT 4-hour chart. Source: Cointelegraph/TradingView

The pair has broken out of the $203 overhead resistance, indicating that the bulls are trying to take charge. There is minor resistance at $207, but it is likely to be crossed. The pair may travel to $220 and later to $225.

The first support on the downside is $193. If this support cracks, the pair may slide to $188. Such a move suggests that the pair could extend its stay inside the $180 to $207 range for a few more days.

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.