Bitcoin slumps, but LTC, CRO, ENA, and MNT remain strong on the charts

Key points:

• Bitcoin is facing significant selling at $115,000, indicating that bears are trying to take charge.
• If Bitcoin maintains above $112,000, LTC, CRO, ENA, and MNT could resume their up move.

Bitcoin (BTC) rose above the $115,000 level on Monday, but the bulls could not sustain the higher levels. The bears have pulled the price near $113,000 and are trying to threaten the $112,000 support.

Institutional investors have turned cautious in the past few days, but corporations have continued their purchases. The US spot Bitcoin exchange-traded funds (ETFs) saw a net outflow of $323.5 million on Monday, according to Farside Investors data. However, corporate treasuries viewed the weakness as a buying opportunity and added more than 600 BTC, per Capriole Investments.

Crypto market data daily view. Source: Coin360A similar pattern was seen in Ether (ETH). Ethereum ETFs witnessed their highest ever net outflows of $465 million on Monday, but large whale or institutional purchases were spotted onchain via over-the-counter deals on Tuesday

If BTC holds its support, select altcoins could continue their up move. Let’s analyze the charts of the top five cryptocurrencies that look strong on the charts in the near term.

Bitcoin price prediction

BTC is taking support at the 50-day simple moving average ($112,395), but the relief rally is facing selling near $115,000.

BTC/USDT daily chart. Source: Cointelegraph/TradingViewIf the price rebounds off the 50-day SMA with strength, the BTC/USDT pair could trade between the moving averages for a few days. Such a tight range trading is expected to be followed by a range expansion

If the price breaks and closes above the 20-day SMA, it shows that the bulls have overpowered the bears. The pair may then climb to $120,000 and later to $123,218. A break and close above $123,218 could start the next leg of the uptrend to $135,000.

Contrarily, if the price breaks below the 50-day SMA, it suggests that the bulls are booking profits. The bears will then try to strengthen their position by pulling the price below the $110,530 support. If they do that, the pair could plunge to $105,000 and eventually to $100,000.

BTC/USDT 4-hour chart. Source: Cointelegraph/TradingViewBTC price turned down from the 50-SMA on the 4-hour chart, signaling that the bears are selling on rallies. There is minor support at $112,000, but if the level cracks, the pair could descend to $110,530. Buyers are expected to aggressively defend the $110,530 level.

The bulls will have to drive and maintain the price above the 50-SMA to seize control in the near term. The pair could then rally to the overhead resistance zone between $120,000 and $123,218.

Litecoin price prediction

Litecoin (LTC) bounced off $107 on Sunday, indicating that the bulls are trying to flip the level into support.

LTC/USDT daily chart. Source: Cointelegraph/TradingViewThe upsloping moving averages and the RSI in the overbought zone suggest that the path of least resistance is to the upside. If the price maintains above $122, the LTC/USDT pair could jump to the $130 level. Sellers will try to halt the rally at $130, but if the bulls pierce the resistance, the pair could reach $140.

The first sign of weakness will be a break and close below the $120 level. The pair could then nosedive to the 20-day SMA ($111).

LTC/USDT 4-hour chart. Source: Cointelegraph/TradingViewLTC price gained momentum after breaking above the 50-SMA on the 4-hour chart. Buyers have pushed the price above the $122 resistance but are facing strong selling at higher levels. The bears are trying to pull the price below $122. If they succeed, the pair could sink to the 20-SMA.

Alternatively, if the price rebounds off $122, it suggests that the bulls are trying to flip the level into support. That increases the likelihood of a rally to $130

Cronos price prediction

Cronos (CRO) dipped below the 20-day SMA ($0.13) on Saturday, but the bulls could not sustain the lower levels.

CRO/USDT daily chart. Source: Cointelegraph/TradingViewThe bulls pushed the price back above the 20-day SMA on Sunday. The upsloping 20-day SMA and the RSI near the 58 level suggest an advantage to the bulls. A break and close above $0.15 signals the resumption of the up move. The CRO/USDT pair could rally to $0.17 and subsequently to $0.19.

Sellers will have to tug the price below $0.12 to prevent the upside move. The pair may then sink to the 50-day SMA ($0.10).

CRO/USDT 4-hour chart. Source: Cointelegraph/TradingViewThe bulls pushed the price above the 50-SMA on the 4-hour chart but could not build upon the advantage. Sellers are trying to pull the price below the 20-SMA, which is a critical near-term support to watch out for. If the price rebounds off the 20-SMA, the bulls will attempt to drive the pair to $0.15

On the contrary, if the price continues lower and breaks below the 20-SMA, it suggests that the bears are selling on rallies. The pair may then dip to the solid support at $0.12.

Related: Will XRP repeat its 70% rally? Price nears classic fractal breakout

Ethena price prediction

Ethena’s (ENA) recovery stalled at $0.70 on July 28, but a positive sign is that the bulls purchased the dip to the 20-day SMA ($0.54) on Sunday.

ENA/USDT daily chart. Source: Cointelegraph/TradingViewThe upsloping 20-day SMA and the RSI in the positive zone suggest that the buyers have the upper hand. The bulls will have to propel the price above $0.70 to start the next leg of the up move. If they can pull it off, the ENA/USDT pair could surge to $0.82 and then to $0.96.

This optimistic view will be negated in the near term if the price turns down and plummets below the 20-day SMA. That suggests the bulls are rushing to the exit. ENA price may then decline to $0.42.

ENA/USDT 4-hour chart. Source: Cointelegraph/TradingViewThe pair has been falling inside a descending channel pattern on the 4-hour chart. If the price dips below the 20-SMA, the pair could slump to the support line, where the buyers are expected to step in.

Instead, if the price rebounds off the 20-SMA, it suggests buying on dips. The pair may then climb to the resistance line. Buyers will have to drive the price above the resistance line to indicate that the corrective phase may be over.

Mantle price prediction

Mantle (MNT) has formed an inverse head-and-shoulders pattern, which will complete on a break and close above the neckline at $0.85.

MNT/USDT daily chart. Source: Cointelegraph/TradingViewThe upsloping 20-day SMA ($0.78) and the RSI in the positive territory indicate that the bulls have the edge. If the price maintains above $0.85, the MNT/USDT pair could start an up move to $0.94 and then to $1.06. The pattern target of the bullish setup is at $1.15.

Sellers are likely to have other plans. They will try to pull the price below the $0.85 level, trapping the aggressive bulls. That may sink the pair to the 20-day SMA and later to the 50-day SMA, which is an important level to watch out for

MNT/USDT 4-hour chart. Source: Cointelegraph/TradingViewThe pair turned up from $0.67 and picked up momentum after breaking above the 50-SMA on the 4-hour chart. The bears tried to stall the rally at $0.85, but the bulls bought the dip and are trying to resume the up move. If the price sustains above $0.92, the pair could surge to $1.

This positive view will be invalidated in the near term if the price turns down and breaks below the $0.80 level. That could sink the pair to the 20-SMA.

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.

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