Bitcoin price move toward $100K opens doors for SHIB, FIL, MNT, AAVE

From cointelegraph by Rakesh Upadhyay

Bitcoin  BTC$96,339  is consolidating just below the $100,000 level, suggesting that the bulls are not rushing to the exit as they anticipate the uptrend to continue. Global Macro Investor founder and CEO Raoul Pal posted a chart on X suggesting that  Bitcoin could form a local top above $110,000  by January.

Several analysts remain bullish for the next year. Fundstrat Global Advisors co-founder and head of research Tom Lee said that  Bitcoin could skyrocket to $250,000 in 2025 .

  Crypto market data daily view. Source: Coin360

It is not only Bitcoin that is hogging the limelight. Traders seem to be gradually shifting their focus to altcoins. Popular analyst Mikybull Crypto said in a post on X that  Bitcoin’s dominance has broken  below its two-year support line, indicating that the crypto markets are “officially in altseason.”

Could Bitcoin rise above $100,000, triggering a further rally in altcoins? Let’s look at the top 5 cryptocurrencies with a strong chart structure.

Bitcoin price analysis

Bitcoin is facing resistance near the psychologically crucial level of $100,000, but a positive sign is that the price remains above the uptrend line.

BTC/USDT daily chart. Source: Cointelegraph/TradingView

The upsloping 20-day exponential moving average ($92,114) and the relative strength index (RSI) in the positive territory indicate that the bulls are in control. That increases the likelihood of an upside breakout above $100,000. If that happens, the BTC/USDT pair could climb to $113,331 and later to $125,000.

Sellers will have to tug the price below the 20-day EMA to weaken the bullish momentum. The pair may then fall to $85,000, which is likely to attract buyers.

BTC/USDT 4-hour chart. Source: Cointelegraph/TradingView

The moving averages on the 4-hour chart have flattened out, and the RSI is just above the midpoint, indicating a balance between supply and demand. The pair may consolidate between $100,000 and $90,000 for some time.

A break and close above $100,000 indicates that buyers have absorbed the selling pressure. That may start the move to $113,331. On the other hand, a break below $90,000 could tempt short-term buyers to book profits, pulling the price to $85,000.

Shiba Inu price analysis

Shiba Inu  SHIB$0.00003026  soared above the $0.000030 resistance on Dec. 1, completing a bullish inverse head-and-shoulders pattern.

SHIB/USDT daily chart. Source: Cointelegraph/TradingView

If buyers maintain the price above $0.000030, the SHIB/USDT pair could move to $0.000039. This level may pose a strong challenge, but if buyers prevail, the pair could rally to the pattern target of $0.000047.

Alternatively, if the price fails to maintain above $0.000030, it will indicate that the breakout may have been a bull trap. The pair may then skid to the 20-day EMA ($0.000025), which is expected to attract buyers.

SHIB/USDT 4-hour chart. Source: Cointelegraph/TradingView

The pair closed above the $0.000030 resistance on the 4-hour chart, but the bears are unlikely to give up easily. They will try to pull the price back below the breakout level. If they can pull it off, the pair may collapse to the 20-EMA.

Contrary to this assumption, if the price maintains above $0.000030, it will signal that the level is likely to act as a new floor. There is minor resistance at $0.000035, but it is expected to be crossed. That could start a march toward $0.000039.

Filecoin price analysis

Filecoin  FIL$7.14  broke and closed above $6.77 on Nov. 30, completing a bullish rounding bottom pattern.

FIL/USDT daily chart. Source: Cointelegraph/TradingView

The bears will try to pull the price back below the breakout level of $6.77 and trap the aggressive bulls. If they manage to do that, the FIL/USDT pair could drop to the 20-day EMA ($5.33). Buyers will have to fiercely defend the 20-day EMA if they want to keep the positive sentiment intact.

If the price turns up from the current level and rises above $7.33, it will signal that the bulls have flipped the $6.77 level into support. That will increase the possibility of a rally to $9.34.

FIL/USDT 4-hour chart. Source: Cointelegraph/TradingView

The bulls and the bears are witnessing a tough battle at the breakout level of $6.77. The rising moving averages on the 4-hour chart and the RSI in the overbought territory indicate advantage to buyers. If the price turns up and rises above $7.33, it will indicate the resumption of the up move.

Conversely, a break below $6.77 could sink the pair to the 20-EMA and then to the 50-SMA. Sellers will have to sustain the price below the moving averages to get back into the driver’s seat.

Related:  Bitcoin smashes records with biggest-ever $26K monthly BTC price gain

Mantle Protocol price analysis

The bulls are trying to start an up move by pushing Mantle  MNT$0.9024  above the overhead resistance of $0.94.

MNT/USDT daily chart. Source: Cointelegraph/TradingView

If they succeed, the MNT/USDT pair could rise to $1.10, where the bears are again expected to mount a strong defense. 

If the price fails to maintain above $0.94, it will signal that bears are active at higher levels. The pair may then drop to the 20-day EMA ($0.81), an essential level for the bulls to defend. If the price rebounds off the 20-day EMA with force, the possibility of a rally above $0.94 increases. 

The bears will be back in the game if they sink the price below the 20-day EMA. The pair could then descend to the 50-day SMA ($0.69).

MNT/USDT 4-hour chart. Source: Cointelegraph/TradingView

Both moving averages are sloping up on the 4-hour chart, and the RSI is near the overbought zone, indicating that buyers are in command. Buyers pushed the price above $0.94 but failed to sustain the higher levels.

The 20-EMA is the first support to watch out for on the downside. If the price turns up from the 20-EMA, it will signal that the sentiment remains positive. The bulls will then try to drive the pair above $0.95.

Aave price analysis

Aave  AAVE$213.70  broke and closed above the $200 resistance on Nov. 27, signaling the resumption of the uptrend.

AAVE/USDT daily chart. Source: Cointelegraph/TradingView

The bears pulled the price back below $200 on Nov. 29 but could not maintain the lower levels. The AAVE/USDT pair turned up from $200 on Nov. 30, indicating that the bulls are trying to flip the level into support. Buyers will have to maintain the price above $215 to clear the path for a rally to $260.

This positive view will be invalidated in the near term if the price turns down and breaks below $194. The pair may then slump to the 20-day EMA ($183).

AAVE/USDT 4-hour chart. Source: Cointelegraph/TradingView

The bears are trying to pull the price to the 20-EMA, which is an important near-term support to watch out for. If the price rebounds off the 20-EMA with strength, it will signal buying on dips. That will improve the prospects of the resumption of the uptrend.

Contrarily, a break below the 20-EMA will signal that the bulls are losing their grip. The pair may then slide to the 50-SMA. The bulls are expected to aggressively defend the 50-SMA because a break below it could tilt the advantage in favor of the bears.