Bitcoin Carves Out a Bottom, Opening the Door for KAS, MKR, AR and NOT to Rally

Bitcoin price climbs back above $60,000, opening the door for KAS, MKR, AR and NOT to move higher.

Bitcoin Price Analysis

• Bitcoin has been in a sideways price action for months.
• The bears pulled the price below the range, but their failure to sustain the breakdown on July 8 shows that selling dries up at lower levels.
• Farside Investors data shows inflows of $310 million into United States-based spot Bitcoin exchange-traded funds on July 12, the highest inflows since June 5.

Bitcoin’s recovery is expected to improve sentiment and lift the cryptocurrency markets higher. Select altcoins that are close to or have crossed their overhead resistance levels are likely to lead the rally.

What crucial resistance levels need to be sustained for Bitcoin and altcoin recovery to pick up momentum? Let’s study the top 5 cryptocurrencies that look strong on the charts.

Kaspa Price Analysis

• Kaspa rebounded off the 50-day SMA ($0.16) on July 12, signaling that the bulls are aggressively defending the level.
• Both moving averages are sloping up, and the RSI is near the midpoint, suggesting a minor advantage to the bulls.

If the price rises above the 20-day SMA ($0.17), the KAS/USDT pair is likely to pick up momentum and reach the overhead resistance at $0.20.

Maker Price Analysis

• Maker rose sharply from close to the $2,000 level on July 8, indicating aggressive buying at lower levels.
• The moving averages are on the verge of completing a bullish crossover, and the RSI is in the positive territory, indicating that the bulls have the upper hand.

If buyers sustain the price above $2,730, the MKR/USDT pair is likely to rise to $3,234, where the bears may pose a strong challenge.

Arweave Price Analysis

• Arweave has been trading inside a large range between $22 and $49.55 for the past several weeks.
• The bounce off $22 has reached the 20-day SMA ($25), which is an important level to watch out for.

The momentum is likely to pick up further if buyers kick the price above the channel, which may catapult the pair to $30.

Notcoin Protocol Price Analysis

• Notcoin is trying to bounce off the 20-day SMA ($0.014), indicating that the bulls are trying to flip the level into support.
• The RSI near the midpoint suggests that the selling pressure is reducing.

The pair is trying to form an inverse head-and-shoulders pattern on the 4-hour chart, which will complete on a break and close above the neckline near $0.018.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.