Bitcoin Stalls at $60K, Potential Gains for LTC, FET, MNT, and AAVE

Traders are observing Bitcoin’s movement, particularly looking for a bounce off the $55,724 support level before considering investments in Litecoin (LTC), Fetch.ai (FET), Mantle (MNT), and Aave (AAVE).

Market Overview

Bitcoin’s price has faced significant selling pressure, with projections indicating a potential decline of over 9% for the week. Throughout recent months, Bitcoin has consistently recorded lower highs, suggesting a bearish trend that necessitates strong support from buyers.

The market sentiment is influenced by expectations surrounding a potential rate cut by the United States Federal Reserve, with current forecasts indicating a 30% chance of a 50 basis point cut on September 18. Analysts speculate that such a move could trigger a rally in risk assets, including Bitcoin.

The current bearish momentum in Bitcoin has negatively impacted the overall cryptocurrency landscape, leading several altcoins to relinquish recent gains and exhibit decreased demand.

However, a select few cryptocurrencies are showing signs of potential recovery in the near future. Let’s explore five cryptocurrencies that may benefit if Bitcoin rebounds from its current support level.

Bitcoin Price Analysis

Bitcoin’s inability to surpass its moving averages is likely to exert downward pressure, possibly testing the solid support level at $55,724. Should the price fail to hold this support, a significant drop to around $49,000 could occur.

For the bulls to regain momentum, they need to quickly move the price above the moving averages. This could open the route for a surge to $65,000 and, eventually, $70,000.

Currently, the pair is trading below the 20-exponential moving average (EMA) on the 4-hour chart, indicating that the bears are in control. Sellers will likely attempt to push the price down to $55,724 and potentially $54,000. Buyers will need to defend this zone vigorously.

A sign of recovery will be indicated by a break and close above the 20-EMA, allowing potential movement toward the 50-simple moving average (SMA). If this level is exceeded, the pair could gain upward momentum towards $65,000.

Litecoin Price Analysis

Litecoin has experienced a downtrend recently; nevertheless, bullish efforts to establish higher lows and higher highs are underway.

The moving averages have begun to flatten, while the Relative Strength Index (RSI) hovers near a neutral position, suggesting a balance between supply and demand. For a potential trend reversal, the price needs to stay above $68. A successful defense of this level could pave the way for a climb to $76.

Conversely, should the price decline from the 50-day SMA ($66) and dip below $59, it would suggest bearish dominance, potentially dropping the pair to crucial support at $55.

Fetch.ai Price Analysis

Fetch.ai recently broke above its moving averages, signaling a diminishing bearish grip on the market. However, upside movement stalled at $1.51, forming a crucial resistance level.

To regain bullish momentum, buyers need to propel the price upward from the moving averages, aiming to recapture the $1.51 mark. Success in this endeavor would complete a bullish inverse head-and-shoulders pattern with a price target of $2.32. Alternatively, a drop below the moving averages could result in sideways trading between $1.51 and $0.70.

Mantle Price Analysis

Mantle has been trading near the 20-day EMA ($0.61), indicating a battle between buyers and sellers. If buyers successfully uphold the price above this EMA, it could signal the onset of a stronger recovery.

The MNT/USDT pair may then reach for the 50-day SMA ($0.68), where bearish activity could emerge. However, a sustained bullish trend could lead to prices advancing toward $0.90. In contrast, if the price dips below $0.56, it could result in a deeper decline to $0.47.

Aave Price Analysis

Aave has recently bounced from solid support at $118, but the ensuing relief rally faces resistance near the 50% Fibonacci retracement level of $133.

The 20-day EMA ($123) is trending upwards, while the RSI is above the midpoint, indicating a slight bullish advantage. If the price rebounds from $118 and effectively closes above $135, it would suggest that the bulls are attempting to convert this level into support, potentially spurring a rally toward $149.

This bullish outlook could be invalidated if the price declines below $118, allowing for a potential drop to the 50-day SMA ($109).

This analysis serves for informational purposes and does not constitute financial advice. All investments carry risk, and individuals should conduct thorough research before making any trading decisions.