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Home » OP, TAO, STX, and MNT set to benefit from Bitcoin surging to $70K
OP, TAO, STX, and MNT set to benefit from Bitcoin surging to $70K
OP, TAO, STX, and MNT set to benefit from Bitcoin surging to $70K

OP, TAO, STX, and MNT set to benefit from Bitcoin surging to $70K

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By admin on 2024-03-10 Cryptocurrency

Bitcoin (BTC) has successfully maintained its gains this week, indicating that traders are not looking to take profits even as the price nears $70,000. The number of Bitcoin whales, which refers to unique addresses holding more than 1,000 Bitcoin, has increased to 2,104 as of March 7, suggesting that they expect the upward trend to continue.
Bitcoin’s rally has also had a positive impact on the overall sentiment in the cryptocurrency market. Data from DefiLlama shows that the total value locked (TVL) in decentralized finance (DeFi) protocols has surpassed $100 billion for the first time in about two years. However, the TVL is still far below the record of $189 billion set in November 2021, even with the recent increase.
During a bull market, traders often become less cautious and chase higher prices, which can lead to unfavorable outcomes. Bitwise chief investment officer Matt Hougan has warned investors to be careful, noting that “terrible projects” are trading at inflated valuations.
If Bitcoin reaches a new all-time high, it is likely that select altcoins will also experience a surge. Let’s take a look at the top five cryptocurrencies that are showing strength on the charts.
Bitcoin Price Analysis
The bears are attempting to halt Bitcoin’s rally near $70,000, but the fact that the bulls have not given up much ground is a positive sign. This suggests that any minor dips are being bought up.
The bulls will try to resume the upward trend by pushing the price above $70,000. If they succeed, it is likely that the BTC/USDT pair will gain momentum and surge to $76,000. Although this level may pose a minor obstacle, if it is surpassed, the rally could continue towards $80,000.
In order to make a comeback, the bears will have to sell aggressively and push the price below the 20-day exponential moving average ($61,422). This could trigger stop-loss orders from short-term traders and potentially lead to a deeper correction towards the 50-day simple moving average ($51,197).
Both moving averages are trending upwards, and the relative strength index (RSI) is in positive territory on the 4-hour chart, indicating that the bulls are in control. Buyers have consistently kept the price above the 20-day exponential moving average, indicating that they are buying on every minor dip. A close above $70,000 could initiate the next leg of the upward trend.
On the other hand, if the price turns downwards and breaks below the 20-day exponential moving average, the pair may slide towards the 50-day simple moving average. A close below this support level would be the first sign that the bulls may be losing momentum, and the pair could then drop to $59,000.
Optimism Price Analysis
Optimism has been on an upward trend in recent days. The break above the $4.20 resistance level completed a bullish inverse head-and-shoulders pattern on March 5.
The upward sloping 20-day exponential moving average ($4.12) and the positive zone of the relative strength index (RSI) suggest that the path of least resistance is to the upside. If buyers are able to push the price above $4.87, the OP/USDT pair could rally towards the pattern target of $5.79.
However, if the price sharply turns downwards from the current level and breaks below the 20-day exponential moving average, it would indicate that the breakout may have been a bear trap. In that case, the pair could drop to $3.42. A break below this level would favor the bears.
The pair has managed to hold above the breakout level of $4.20, indicating a positive sentiment where every minor dip is being bought up. Buyers will attempt to overcome the barrier at $4.87 and establish their dominance. If they succeed, the pair could climb to $5, where the bears may put up a strong defense.
The first sign of weakness would be a break and close below the 50-day simple moving average, which would increase the likelihood of a retest of $4.20. The bears would have to push the price below this support level to suggest the start of a corrective phase.
Bittensor Price Analysis
Bittensor (TAO) has experienced a pullback to the 20-day exponential moving average ($646), which is an important short-term level to watch.
If the price bounces off the 20-day exponential moving average, it would suggest that the bulls are still in control. This would increase the chances of a breakout above $757, with the TAO/USDT pair potentially resuming its upward trend towards $846.
However, if the price plummets below the 20-day exponential moving average, it would indicate that the bulls are quickly booking profits. In that case, the pair could slide towards the 50-day simple moving average ($535). The bears would have to push the price below the 50-day simple moving average to signal a potential trend change.
The 4-hour chart shows that the bulls are struggling to sustain the price above the $700 level, suggesting that bears are still selling on rallies. If the price remains below the 50-day simple moving average, the next support level could be $617. If this level is breached, the pair may drop to $550.
Alternatively, if the price rebounds from the current level, it would indicate that the bulls are trying to turn the $700 level into support. If they succeed, the pair may retest $757, which is likely to be broken. This could lead to a surge towards $850.
Stacks Price Analysis
The bulls have successfully defended the 20-day exponential moving average ($2.77) during the correction in Stacks (STX), indicating a positive sentiment where the bulls continue to buy dips.
The strong bounce on March 10 shows that the bulls are back in control, although the long wick on the candlestick suggests that the bears are still putting up a fight. Buyers will need to push the price above $3.39 to signal a resumption of the upward trend. If they succeed, the STX/USDT pair could jump to $4.58 and eventually reach the psychologically important level of $5.
The 20-day exponential moving average remains a crucial level to watch on the downside. If the bears push the price below this support, it would indicate that the bulls are losing their grip. In that case, the pair may fall towards the 50-day simple moving average ($2.20).
The 4-hour chart shows that the price surged after breaking above the downtrend line, but failed to surpass the $3.39 level, leading to profit booking. The price has dipped towards the downtrend line. If it rebounds strongly from the current level, it would increase the chances of a breakout above $3.39.
Conversely, if the price continues to decline and breaks below the moving averages, it would suggest that the bears are still active at higher levels. The pair may then decline to $2.40 and later to $2.20.
Mantle Price Analysis
Mantle (MNT) has been trending higher, but the bears have been trying to stall the rally at $1.15, as seen from the long wick on the candlestick on March 8.
A slight advantage for the buyers is that the price has not stayed below the psychological level of $1. The rising moving averages and the overbought zone of the RSI indicate that the bulls are in control.
If buyers push the price above $1.15, the MNT/USDT pair could start the next leg of the upward move towards $1.37 and then $1.50. However, if the price turns downwards and drops below the 20-day exponential moving average ($0.91), it would suggest a short-term bearish trend. In that case, the pair could fall to $0.85 and subsequently to $0.80.
On the 4-hour chart, the bulls are attempting to turn the breakout level of $1.01 into support. If they succeed, it would indicate strong buying at lower levels. If buyers can push the price above $1.07, the pair may reach $1.15. A break above this level could signal a pick-up in momentum.
Alternatively, if the bears push the price below $1.01, it would suggest a lack of demand at higher levels. There is minor support at the 50-day simple moving average, but if this level is breached, the pair may drop to $0.85.
Please note that this article does not provide investment advice or recommendations. Every investment and trading decision involves risk, and readers should conduct their own research before making a decision.

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