Bitcoin Faces $60K Cap, While LTC, FET, MNT, and AAVE Show Promise

2 min read | September 02, 2024 02:16 PM AEST | By Team Kalkine Media

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Bitcoin Faces $60K Cap, While LTC, FET, MNT, and AAVE Show Promise — Image source: shutterstock

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Bitcoin faces ongoing selling pressure and trends toward a decline of more than 9% this week, traders are evaluating strategic entry points in various altcoins, including Litecoin (LTC), Fetch.ai (FET), Mantle (MNT), and Aave (AAVE). Bitcoin’s recent performance has shown a pattern of lower highs, underscoring the importance of the $55,724 support level. A breach of this support could signal further downside, driving the price towards $49,000. Conversely, a rebound above the moving averages could push Bitcoin back to higher levels, such as $65,000 or $70,000.

In the context of this market environment, {Litecoin} (LTC) has been experiencing a downtrend but is currently attempting to establish a higher low and higher high. The moving averages are flattening, and the RSI is near equilibrium,indicating a balance between supply and demand. If Litecoin manages to sustain a price above $68, it may showl for a rally towards $76. However, a decline below $59 could lead to further losses, testing support around $55.

Fetch.ai, after a rally above the moving averages, has encountered resistance near $1.51 and is now consolidating around these levels. If Fetch.ai holds its ground and reverses from the current moving average support, it could retest the $1.51 resistance and form a bullish pattern with a target of $2.32. A drop below the moving averages could suggest a range-bound scenario between $1.51 and $0.70.

Mantle has been trading near the 20-day EMA, reflecting a struggle between buyers and sellers. If the price rises and remains above the 20-day EMA, a move towards the 50-day SMA at $0.68 is possible, with further gains up to $0.90. A decline below $0.56 could lead to a drop to $0.47, signaling bearish sentiment.

Aave recently bounced off the $118 support level but is encountering resistance near the 50% Fibonacci retracement level of $133. A rebound from $118 and a close above $135 could initiate a rally towards $149. Conversely, if the price falls below $118, it may test the 50-day SMA at $109, with further declines indicating stronger bearish control.

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