BCH, XMR, FLOKI & Other Altcoins Rally as Bitcoin Hugs $95K

The crypto market rose today as Bitcoin briefly moved above the crucial resistance level $95,000. A clear volume-supported move above $95k, will raise the odds of BTC price soaring and crossing the psychological level at $100,000.

On the positive side, as the chart below shows, Bitcoin has formed a bullish pennant pattern on the daily chart. It has also avoided forming a death cross, a highly bearish pattern that would have sent a red alert to the crypto market. And with the S&P 500 and Dow Jones rising, the most likely Bitcoin price prediction is bullish.

On top of this spot Bitcoin ETFs are thriving. After adding $3 billion last week, they increased their total by $591 million on Monday, marking the largest daily gain in over a week. BlackRock’s IBIT added $1 billion in a day.

Crypto Market Price Predictions

This crypto market price prediction looks at top altcoins like Bitcoin Cash (BCH), Monero (XMR), and Floki (FLOKI) and highlights what to expect.

Bitcoin Cash (BCH) Price Technical Analysis: Bulls Need to Cross $420

The daily chart shows that the BCH price has rebounded over the past few days. This rebound started after it dropped to the psychological point at $250 earlier this month. It has flipped the important resistance level at $290 into a support. This was a key level where it failed to drop below at least five times since July last year.

There are signs that the Bitcoin Cash price formed a giant double-bottom pattern at $290, with its neckline at $640. It also formed a smaller double-bottom with the neckline at $420.

BCH also sits above the 50-day moving average. Therefore, the most likely BCH price forecast is bullish, with the initial target being at $420, up by 13% above the current level. A drop below the 50-day MA at $340 will cancel the bullish outlook.

Monero (XMR) Price Prediction: May Retest the Weekly High

The XMR price went parabolic after suspected Bitcoin heist news. It formed a God candle and hit a high of $328, the highest point in years. As it jumped, the coin moved above the key resistance level at $242, the upper side of the ascending triangle pattern.

While Monero has pared back some of the initial gains on Monday, it remains much higher than this month’s low of $164. The Average Directional Index (ADX), an indicator that measures the trend of a strength has moved to 29. A figure of 25 and above provides a bullish crypto price prediction. Therefore, it may resume the uptrend and retest this week’s high at $328.

Floki Price Prediction:  Needs to Flip $0.000096 to Confirm Bull Run

Floki was another top performer in the crypto market as it jumped to a high of $0.000080. This rebound happened after it formed a giant falling wedge chart pattern on the daily chart. This pattern often leads to a strong recovery.

Floki now needs to jump above the crucial resistance at $0.000096, its lowest level in August last year to confirm the bullish price prediction. Failure to do that will see it dropping to the support at $0.000046, the lowest swing this month.

What Next For Altcoin Prices?

Most altcoins will likely follow in the footsteps of Bitcoin. A clear breakout above $95,000 will likely lead to more gains in the crypto market, with most altcoins continuing their bullish trajectory.

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crispus

Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.