These 4 altcoins could explode strongly as Bitcoin challenges the ATH.

Bitcoin has just faced a strong rejection right near the historical peak of 123,218 USD, showing that the bears are still not ready to give up the game. The inability of BTC to set a new record has led to a wave of corrections in many altcoins, though some have quickly rebounded.

After the rejection on Monday, many analysts began to show caution. The ZAYK Charts account on X noted that, according to the Wyckoff method, BTC may have entered the distribution phase. If this scenario becomes a reality, the price could likely retreat deep into the range of 95,000 USD.

In contrast to the stagnation of BTC, Ether (ETH) continues to demonstrate strength. Data from Farside Investors shows that on Monday alone, ETH spot ETF funds attracted a net of 1.01 billion USD – a record high.

Could BTC suddenly break out again? Or will ETH become the catalyst leading the altcoin rally? Let's explore the price charts of 5 cryptocurrencies that are showing outstanding strength in the short term.

Technical Analysis of BTC

The bear faction successfully prevented the bull faction from pushing BTC to a new all-time high above 123,218 USD on Monday.

BTC/USDT Daily Chart | Source: TradingViewThe 20-day Simple Moving Average (SMA) is flat at 116,779 USD, indicating that supply and demand are balanced, but the Relative Strength Index (RSI) in the positive zone shows that momentum is still leaning towards the bulls. If the price holds above the 20-day SMA, the bulls will continue to try to break the resistance at 123,218 USD. If successful, BTC could surge to 135,000 USD.

On the contrary, if it falls below the 20-day SMA, this indicates profit-taking pressure from short-term traders, which could pull the price down to the 50-day SMA at 114,366 USD, signaling the possibility of forming a consolidation zone in the short term. Bears need to push the price down below 110,530 USD to gain control.

BTC/USDT 4-hour chart | Source: TradingViewOn the 4-hour chart, the price has bounced off the 20-period SMA. The moving averages are trending upwards and the RSI is in the positive zone, indicating an advantage for the bulls. If it breaks the resistance at 123,218 USD, the price could move towards 127,735 USD and then 135,000 USD.

However, the bears may have other plans: they will try to pull the price below the downtrend line. If successful, BTC could fluctuate in the range of 123,218 – 111,920 USD for a while.

Technical Analysis of ETH

ETH began a new upward trend on Tuesday after breaking through the 4,366 USD level.

ETH/USDT daily chart | Source: TradingViewThe upward moving averages and RSI in the overbought zone indicate that the prevailing trend remains bullish. The bulls will look to strengthen their position by pushing the ETH/USDT pair up to 4,868 USD.

The 4,094 USD level is an important support to watch. If it breaks and closes below this level, it will indicate increased profit-taking pressure at high price levels, which could pull ETH back to the 20-day SMA at 3,833 USD.

ETH/USDT 4-hour chart | Source: TradingViewOn the 4-hour chart, the correction from 4,366 USD has been supported at the 20-period SMA line, indicating positive sentiment. ETH may rise to 4,500 USD, followed by 4,868 USD – a zone where bears could exert strong pressure.

If the closing price is below the 20-period SMA, ETH may drop to 4,094 USD. A strong bounce from 4,094 USD will reinforce the support role of this area and increase the likelihood of a continuation of the uptrend. Conversely, if 4,094 USD is breached, a deeper correction may occur.

Technical Analysis of BNB

BNB has been moving sideways in a narrow range of 792 – 827 USD for the past three days, reflecting the struggle between the bulls and the bears.

BNB/USDT daily chart | Source: TradingViewIf it breaks through 827 USD, the BNB/USDT pair may rise to 861 USD. This is the area where the bears are expected to defend fiercely, but if the bulls break through successfully, the price could head towards 900 USD.

The bears need to pull the price below the 20-day SMA (787 USD) to trigger a correction towards 761 USD and further down to the strong support area of 732 USD. This is considered an important line of defense, as breaking below 732 USD could threaten the long-term uptrend.

BNB/USDT 4-hour chart | Source: TradingViewOn the 4-hour chart, both moving average lines are sloping upwards, but the RSI shows a bearish divergence signal, indicating potential short-term weakness. The bears will dominate if the price falls below the 50-period SMA.

On the contrary, if it breaks out and closes above 827 USD, the uptrend will be extended, with the next target being the resistance at 861 USD – where the bears are likely to re-enter.

Technical Analysis of LINK

Chainlink (LINK) has surged strongly after breaking through the important resistance level of 18 USD on Thursday, indicating strong buying pressure from the bulls.

LINK/USDT daily chart | Source: TradingViewThe bears have attempted to halt the upward momentum at the 22.70 USD mark, but the bulls overcame this resistance on Tuesday. The LINK/USDT pair is likely to continue climbing towards the 27 USD region, where strong selling pressure from the bears is anticipated. However, if buyers break through the 27 USD barrier, the upward trend could extend to the 30 USD mark.

This positive scenario will be negated in the short term if the price reverses and drops sharply below 20.83 USD. At that point, the price of Chainlink could retreat to 20 USD, or even lower to the strong support area of 18 USD.

LINK/USDT 4-hour chart | Source: TradingViewThe recent correction has bounced back from the 20-period SMA line on the 4-hour chart, indicating that investors continue to buy each time the price dips slightly. Both moving averages are trending upwards, and the RSI indicator is in the overbought territory, reflecting that the bulls still maintain control.

The first support on the downside lies at the breakout area of 22.70 USD, followed by 21 USD. If it breaks and closes below 21 USD, it indicates that the bulls are rushing to exit. The next downside target will be the 50-period SMA.

Technical Analysis of UNI

Uniswap (UNI) has surged from the 50-day moving average (SMA) at 9.05 USD on August 3, indicating strong buying power at the lower price range.

Daily chart of UNI/USDT | Source: TradingViewThe upward trend is currently facing selling pressure around 12 USD, but the positive point is that the bulls have not allowed the bears to regain much ground. This indicates that they expect the upward trend to continue. If buyers push the price above the 12 USD mark, the UNI/USDT pair could accelerate towards 15 USD.

On the downside, the first support is the simple moving average (SMA) 20 days at 10.19 USD. If this level is breached, the price of Uniswap could fall to the 50-day SMA. The short-term trend will reverse if the bears pull the price below the 50-day SMA.

The UNI/USDT chart on the 4-hour timeframe | Source: TradingViewOn the 4-hour chart, the pair has reversed down from the resistance of 12 USD, but the positive signal is that the bulls are trying to defend the SMA line. Buyers will attempt to push the price above 12 USD again, and if successful, UNI could rise to 14 USD and then 15 USD.

On the contrary, the bears will try to pull the Uniswap price below the 50-period SMA. If this scenario occurs, the price could drop to 10 USD, followed by 9.50 USD. This will form an accumulation zone in the range of 8.50 – 12 USD for a period.

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