Five altcoins that could be bullish if Bitcoin prices stabilize at

As a result, major US stock market indexes fell last week due to worsening macroeconomic conditions. The Dow Jones Industrial Average closed at the lowest level since 2022. Major indexes also recorded their fifth weekly close over the past six weeks.

Although Bitcoin ( BitcoinTC has declined only marginally this week it could close at the lowest point since 2020. A new weekly close of more than a year is a negative sign. However, sellers must maintain the lower levels to avoid it becoming a bear trap. As the bears and bulls fight for supremacy, the price action over the next few days will likely be volatile.

Many investors miss buying opportunities during sharp corrections due to their desire to find the bottom. Instead of focusing on projects that they love, traders should concentrate on building their portfolios and accumulating coins over a period of weeks or months. It is best to concentrate on the cryptocurrencies that are strong and not all coins will bottom at once.

Although Bitcoin is at its lowest point in the year, some altcoins have been holding strong. Let’s take a look at five cryptocurrencies that are likely to be interesting in the short term.

BTC/USDT

Although the Bitcoin bulls have successfully defended $18,626 to $17.622 support zone over the past few days, they continue to face strong selling at $19,720, the 20-day exponential moving mean (EMA). This indicates that bears are still selling on minor rallies.

Although the moving averages are downsloping, the bears hold the upper hand. However, the positive divergence in the relative strength index suggests that bearish momentum may be weakening.

The first sign that bears are losing their grip is a break or close below the 20-day EMA. The BTC/Tether ( USDT) could then reach the 50-day simple movement average (SMA), of $21,043 or later to $22,799. To set the stage for a rally towards $25,211, buyers will need to overcome this obstacle.

However, selling could increase if the bears drop the price below $17,622 in June, and the pair could resume its downtrend. The price of the pair could plummet to $14,000.

While the bulls are buying the drop below $18,626 the bears continue to block the recovery at the 50 SMA. The price has fallen between these two levels but trading at this tight range is unlikely to last long.

If the price drops below $18,626, bears could pull the pair back to $17,622. This level could see a fierce battle between the bears and bulls. The upside is that if bulls push the price above 50-SMA, it could reach $20,400.

ATOM/USDT

For the past few days, Cosmos ( @OM) traded above the breakout level at $13.46. This indicates that sentiment is positive and traders are buying dips.

The 20-day EMA at $14.22 has flattened and the RSI is close to the midpoint. This indicates a balance between supply/demand. The buyers could gain a short-term advantage if the price falls below $15.26. The ATOM/USDT exchange rate could rise to $17.20.

Although this level could act as resistance, buyers can push the price higher than it to increase momentum and propel the pair to $20.34 and then to $25.

Contrary to the assumption, if the price falls below the 50-day SMA (12.90), the advantage could be in the favor of the bears. The pair could fall to $10.

For some time, the pair has remained between $13.45 & $17. The support level at $13.45 was vigorously defended by buyers who are trying to push the price higher than the 50-SMA. The likelihood of a rally up to $16 or $17 will increase if they do this.

If the price falls below the 20-EMA and the current level, it will indicate that bears are continuing to sell rallies. This could push the price towards $13.45. To clear the way for a possible fall to $11.50, the sellers will need to lower the pair to $13.

ALGO/USDT

On Sept. 23, the uncertainty surrounding the range-bound action of $0.27 to $0.38 was resolved to the upside, indicating that there is a new up-move. Algorand ( ALGO) may still be in the first leg of its uptrend if that happens.

0.38 is the key level to watch for on the downside. This level could be turned by the bulls into support and increase the chances of a new uptrend. The ALGO/USDT currency pair could rally to $0.45, and then to $0.50.

If the price falls below $0.38, this bullish view may be invalidated. This could cause the price to fall below the $0.33 20-day EMA. If the price reboundes from this level, bulls will attempt to clear the overhead resistance.

Although the price rose above $0.38 overhead resistance, the bulls were unable to sustain this momentum. The bears are not giving up yet and continue to sell at rallies close to $0.41.

The pair could fall to $0.36 if the bears push the price below the 20EMA. This is an important level that the bulls must defend as a break below could lead to a drop to the 50 SMA.

To signal the resumption or up-move, bulls must push the price higher than $0.41.

Related: What is crypto scalping? How does scalp trading work in practice?

CHZ/USDT

Chiliz (CHZ), which had fallen sharply in June, saw bulls clear the overhead resistance of $0.26 on September 22, signaling a resumption the up-move. It is worth paying attention to a coin that moves against market sentiment.

For the past three days, the bears tried to lower the price below $0.26 but the bulls held firm. The bulls see the dips as an opportunity to buy. Buyers are in control, as evidenced by the rising moving averages and positive RSI.

The CHZ/USDT pair may rally to $0.33 if the price rises and breaks above $0.28.

If the price falls below $0.26 and the market turns lower, traders could be looking for exit strategies. The price could drop first to the 20-day EMA at $0.23, and then to the 50 day SMA at $0.21.

Both moving averages are moving up, which indicates a benefit to buyers. However, the negative divergence of the RSI suggests that the bullish momentum might be weakening. The pair could fall to the 50-SMA if the bears drop the price below $0.26. This is an important level for bulls to defend as if it falls, the pair may drop to $0.22.

The up-move may resume if the price recovers from $0.26 and goes above $0.28. The price could rise to $0.32.

QNT/USDT

Quant ( QNT) has shown strength, trading higher than both moving averages. Despite negative sentiment in the cryptocurrency sector, it is still able to charge higher.

For many days, the bears were trying to defend the $112 level. However, the bulls broke through the resistance Sept. 24, pushing the price towards the downtrend line. The candlestick’s long wick shows that bears are trying stop the upward movement at this level.

One positive note is that bulls bought the dip down to $112 on September 25, which suggests that buyers may be trying to turn this level into support. The QNT/USDT currency pair could rise again to the downtrend line. The pair could rise to $133 if this hurdle is cleared. It could also soar to $154.

Alternativly, if the price falls below $112, then the 20-day EMA at $106 could be the next stop. A break below this support might bring the pair down to $95.

After breaking above $112, the pair gained momentum and reached the downtrend line. The RSI moved into overbought territory which may have tempted traders to book profits.

The price recovered from $112, which indicates that traders are still buying dips and the sentiment is positive. The pair could reach $121, and then the downtrend line. A break below $112 could send the pair to the 50 SMA and then to $95.

These views and opinions are the author’s and do not necessarily reflect those of Cointelegraph. You should do your research before making any investment or trading decision.