Bitcoin’s sideways price action is causing traders to focus on SHIB, UNI, MKR, and XDC

Bitcoin (BTC) is on track to form two consecutive doji candlestick patterns on the weekly charts, but a positive sign is that the price remains above the 20-week exponential moving average ($28,072). This suggests that the bulls have not lost control.

Popular pseudonymous trader TechDev used the three-week time frame to show that Bitcoin’s compression above the 20-period moving average was approaching levels seen just four times since Bitcoin’s inception. Interestingly, the wides have been to the upside on all three previous occasions, suggesting that history is in the bulls’ favour.

Daily view of crypto market data. Source: Coin360

In the short term, however, the lack of volatility has caused bitcoin futures trading volumes to fall to their lowest levels since December 2022. Cointelegraph contributor Marcel Pechman believes this suggests traders may have switched to other markets or are avoiding moves at current levels.

While several altcoins are modeled after Bitcoin, some have outperformed in the short term. Let’s look at the charts of the top 5 cryptocurrencies that are positive over the next few days.

Bitcoin price analysis

Bitcoin has been trading near the 20-day EMA ($29,447) for the past two days, which is a sign of indecision between bulls and bears.

BTC/USDT daily chart. Source: TradingView

The flat moving averages and the Relative Strength Index (RSI) near the middle do not give either the bulls or the bears a clear advantage. This could keep the BTC/USDT pair in the $28,585-$30,150 range for a while.

The next trend move is likely to start as soon as the price exits this area. If the price drops below $28,585, selling might gain momentum and the pair could drop to $26,000.

On the upside, a break and close above $30,150 could attract buyers. The pair could then rally to the $31,804-$32,400 resistance zone.

BTC/USDT four hour chart. Source: TradingView

The four-hour chart shows the price stuck between the moving averages, indicating uncertainty about the next trend move. If the price closes below the 50-day simple moving average, the short-term advantage will tip in favor of the bears. That could push the price towards $29,000 and then to $28,585.

If the price surges and breaks above the 20-day EMA, it will indicate that the bulls are attempting to take control. The pair might initially climb to $29,738 and if that hurdle is cleared, the rally could touch the upper resistance at $30,350.

Shiba Inu Price Analysis

Shiba Inu (SHIB) is in a strong recovery but buyers are facing resistance near the overhead resistance at $0.000012.

SHIB/USDT daily chart. Source: TradingView

The rising 20-day EMA ($0.000009) and the RSI near the overbought zone suggest that the bulls are in charge. If buyers don’t give much down in the face of overhead resistance, a rally above $0.000012 increases the likelihood. If that happens, the SHIB/USDT pair could rally to $0.000014 and then $0.000016.

On the other hand, if the price falls below $0.000010, the pair could extend its pullback to the 20-day EMA. This remains the key level to watch out for as a break below it could be a sign that the rally may be over.

SHIB/USDT four hour chart. Source: TradingView

The 4-hour chart shows that the price has corrected to the 20-day EMA. The bulls are expected to vigorously defend the level. If successful, the pair could make another attempt to break and hold the overhead resistance at $0.000011.

If the price turns down and stays below the 20-day EMA, it will indicate that the bulls will lose control. The pair could then drop to the next major support at the 50-day SMA. At this level, aggressive buying by the bulls could occur.

Uniswap price analysis

Uniswap (UNI) rebounded from the 50-day SMA ($5.79) on Aug 7 and rose above the 20-day EMA ($6.09) on Aug 8. This shows that buyers are active at lower levels.

UNI/USDT daily chart. Source: TradingView

The pair UNI/USDT is witnessing an uphill battle near the 20-day EMA, which suggests the bears are not yet giving up. If the price stays below the 20-day EMA, selling might intensify and the pair could drop to the 50-day SMA.

If the price bounces off the 20-day EMA instead, it will indicate that the bulls are attempting to convert this level into support. If they succeed, the pair could scale above the immediate resistance at $6.35 and reach $6.70.

UNI/USDT four hour chart. Source: TradingView

Both the moving averages have flattened out on the four-hour chart. This indicates a balance between supply and demand. If the price falls below the 50-day SMA, the advantage will shift in favor of the bears. The pair could then drop to $5.80.

Alternatively, if the price bounces off the 50-day SMA and surges above the 20-day EMA, it suggests buying on dips. The pair could then rally to $6.35. Buyers must overcome this resistance to stay ahead. The pair could then rally to $6.70.

Related: Voyager’s token transfer to Coinbase sparks suspicions of a sell-off

Manufacturer price analysis

Maker (MKR) has been trading above the breakout level of $1,200 for the past few days, suggesting that the bulls are attempting to convert the level into support.

MKR/USDT daily chart. Source: TradingView

The 20-day EMA ($1,204) is gradually rising and the RSI is floating in the positive territory, suggesting that the bulls are ahead. Buyers will attempt to propel the price above the immediate resistance of $1,284 and challenge the local high at $1,370. A break and close above this level could signal the start of a new uptrend.

If the bears are to stop the uptrend, they need to quickly sink the price back below the $1,200 breakout level. This could open the door for a drop to the 50-day SMA ($1,041).

MKR/USDT four hour chart. Source: TradingView

The 4-hour chart’s 20-day EMA has flattened out and the RSI is slightly above the midpoint. The price action has formed a symmetrical triangle pattern, which indicates indecisiveness between bulls and bears.

If buyers push the price above the triangle, the MKR/USDT pair could start an upward move towards the pattern target of $1,463. On the other hand, a break below the triangle could signal that the bears are back in the game. The pattern target on the bottom is $986.

XDC Network Price Analysis

XDC Network (XDC) has fallen back to the 20-day EMA ($0.062), which is a key support to watch for.

XDC/USDT daily chart. Source: TradingView

The 20-day EMA is flattening out and the RSI is just above the midpoint, suggesting that the bullish momentum might be fading. If buyers want to gain control, they need to push the price above the upper resistance at $0.073. That could trigger an uptrend to $0.082.

On the contrary, a break and close below the 20-day EMA could sink the pair to the 61.8% Fibonacci retracement level of $0.056. Such a move could delay the start of the next phase of the uptrend.

XDC/USDT 4 hour chart. Source: TradingView

The four-hour chart is showing a descending triangle formation that completes on a break and closes below $0.061. If that happens, the pair could start a move down to $0.054 and then the pattern target of $0.040.

Contrary to this assumption, if the price continues to rise from the current level and breaks above the downtrend line, the bearish setup will be invalidated. The failure of a negative setup is a positive sign. That could open the door for a possible move to $0.082.

This article does not contain any investment advice or recommendations. Every investment and trading activity involves risk and readers should do their own research in making their decision.

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