Bitcoin's rally to $70K opens a bullish path for OP, TAO, STX and MNT

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Bitget2024/03/11 05:31

By:Bitget

Bitcoin has managed to hold on to its gains this week, indicating that traders are in no mood to book profits even as the price reaches near $70,000. The number of Bitcoin whales, unique addresses holding more than 1,000 Bitcoin, has risen to 2,104 as of March 7, suggesting they anticipate the uptrend to continue. Bitcoin’s rally has improved sentiment across the cryptocurrency sector. Data from DefiLlama shows that the global total value locked (TVL) in decentralized finance (DeFi) protocols jumped above $100 billion for the first time in about two years. However, the TVL is far below the $189 billion record set in November 2021, even after the increase.

OP, TAO, STX, MNT and other altcoin charts flash bullish signs as Bitcoin attempts to recapture the $70,000 level. They all look strong on the charts.

Optimism has been in an uptrend for the past few days. The break above the $4.20 resistance completed a bullish inverse head-and-shoulders pattern on March 5. The upsloping 20-day EMA ($4.12) and the RSI in the positive zone suggest that the path of least resistance is to the upside. If buyers drive the price above $4.87, the OP/USDT pair could rally toward the pattern target of $5.79.

Bittensor (TAO) has pulled back to the 20-day EMA ($646), which is an important short-term level to watch out for. If the price rebounds off the 20-day EMA, it will suggest that the bulls remain in control. That will enhance the prospects of a break above $757. The TAO/USDT pair could then resume the uptrend toward $846.

The bulls successfully defended the 20-day EMA ($2.77) during the correction in Stacks (STX). The solid bounce on March 10 shows that the bulls are back in full force, but the long wick on the candlestick indicates that the bears have not yet given up. Buyers will have to propel the price above $3.39 to signal the resumption of the uptrend. The STX/USDT pair could jump to $4.58 and eventually to the psychologically important level of $5.

Mantle (MNT) has been charging higher, but the bears have not given up and are trying to stall the rally at $1.15, as seen from the long wick on the March 8 candlestick. The bulls are trying to flip the breakout level of $1.01 into support. If they do that, it will signal strong buying at lower levels. If buyers drive the price above $1.07, the pair could reach $1.15. A break above this level could signal a pick-up in momentum.

Source: CoinTelegraph

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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