Shifted Focus: LINK, ICP, RNDR, and SUI Ride Bitcoin’s Muted Volatility

Bitcoin BTC $42,634 is currently trading within a range and is expected to end the week with a marginal gain of about 2%. DecenTrader, a trading suite, predicts that this sideways price action could continue for another month before a surge in buying activity in anticipation of the halving in April. Spot Bitcoin exchange-traded funds (ETFs) have opened doors for institutional investments, but the inflows have been slow as large trading platforms are conducting thorough due diligence, as reported by Bloomberg. There is a minor positive sign as the outflows from Grayscale Bitcoin Trust (GBTC) have been slowing down. GBTC outflows have remained around $200 million since Jan. 29, down from a high of $640 million on Jan. 22.

Bitcoin’s consolidation is viewed as a positive sign that may attract traders to alternative cryptocurrencies or altcoins. Now, let’s analyze the charts of the top 5 cryptocurrencies that are expected to outperform in the near future.

When it comes to Bitcoin’s price analysis, it has stayed above the 20-day exponential moving average ($42,471) for the past few days. The bulls have failed to challenge the overhead resistance at $44,700, indicating a lack of demand at higher levels. If the price breaks below $41,394, it could suggest that the BTC/USDT pair may consolidate between $44,700 and $37,980 for a while. The key level to watch on the upside is $44,700, as a break and close above that will signal the return of bulls and potentially pave the way for a rally towards the psychologically important level of $50,000.

Moving on to Chainlink, it has surged above the overhead resistance of $17.32 on Feb. 2, indicating a continuation of the uptrend. The 20-day EMA ($15.80) is turning up, and the RSI is near the overbought zone, signaling the dominance of bulls in the market. There is a minor resistance at $19.54, but if this is crossed, the LINK/USDT pair could rally to the pattern target of $21.79. If the price falls below the breakout level of $17.32, it may indicate aggressive selling at higher levels and lead to a fall towards the 20-day EMA.

In the case of Internet Computer, it has bounced off the 50-day SMA ($11.63) on Feb. 1, showing strong defense by the bulls. The bears attempted to halt the uptrend near $14, but the bulls managed to hold their ground, increasing the likelihood of a break above $14. If that happens, the ICP/USDT pair may attempt a rally towards $16.30. If the price drops below the 50-day SMA, it could invalidate the positive view and lead to a further decline towards the breakout level of $9.36.

For Render, it broke above the $4.40 resistance on Jan. 30 and found support at the 50-day SMA ($4.26) shortly after. There is a minor resistance at $5.07, which is likely to be crossed, allowing the RNDR/USDT pair to retest the high at $5.28. A break above this resistance level could accelerate the rally towards $6.60. A sharp downturn from $5.28 would indicate bearish activity at higher levels and may result in a drop towards the 50-day SMA.

Sui broke above the overhead resistance of $1.50 on Jan. 29 but failed to sustain the breakout. The bulls managed to turn up from the 20-day EMA ($1.34), indicating a positive sentiment and the view of dips as buying opportunities. To maintain the momentum, buyers will need to push the price above $1.65, which could lead to further gains towards $2. On the downside, if the bears yank the price below the 20-day EMA, the pair may slump to the 50-day SMA ($1.04).

Bitcoin remains in a range and may continue with sideways price action before a buying surge. The inflows into spot Bitcoin ETFs have been slow as large trading platforms conduct due diligence. The outflows from GBTC have been slowing down. Bitcoin’s consolidation is seen as a positive sign for altcoins. Analyzing the charts, Chainlink is showing signs of an uptrend, while Internet Computer is likely to attempt a rally if it breaks above $14. Render has the potential to retest the high at $5.28, and Sui has a positive sentiment, provided the price remains above $1.50.