Traders watch DOGE, SUI, PEPE and FTM as Bitcoin range trades near $100K
2024-12-09

Bitcoin BTCUSD continues to witness a tough battle between the bulls and the bears at the $100,000 level. CryptoQuant contributor Percival said in a Quicktake blog post on Dec. 6 that Bitcoin’s weekly strength is worn out, suggesting a consolidation over time.
The near-term uncertainty and the choppy price action have not altered analysts’ long-term bullish view on Bitcoin. WeRate co-founder Quinten François said in a post on X that Bitcoin is “entering the euphoria stage,” which could extend the rally for a maximum of 12 months before a cycle top is formed.
Along with Bitcoin, Donald Trump’s United States presidential victory has boosted the price of several altcoins. However, Hartmann Capital managing partner Felix Hartmann said in a post on X that venture capitalists and teams may book profits aggressively in altcoins, which could result in an ugly leg down.
Will select altcoins continue to outperform in the near term if Bitcoin enters a period of consolidation? Let’s look at the top 5 cryptocurrencies with a strong chart structure.
Bitcoin price analysis
Bitcoin is facing resistance near the psychologically crucial level of $100,000, but the bulls are not rushing to the exit.
A tight consolidation near $100,000 improves the prospects of an upside breakout. If buyers thrust the price above $104,088, the bullish momentum could pick up, and the BTCUSDT pair may surge to $113,331 and thereafter to $125,000.
The 20-day exponential moving average ($95,285) is the crucial near-term support to watch out for. If this level breaks down, it will suggest that the bulls are hurrying to book profits. The pair may dip to $90,000 and subsequently to the 50-day simple moving average ($84,110).
The pair has been trading above the moving averages, indicating a slight edge to the bulls. The up move is expected to face stiff resistance in the $101,900 to $104,088 zone. A break above the zone could launch the pair toward $113,331.
On the contrary, a break and close below the moving averages could tempt short-term bulls to book profits. That may pull the price to $90,000, which is likely to attract buyers. If the price rebounds off $90,000 and rises above the moving averages, it will signal a range formation. The pair may trade between $90,000 and $104,088 for some time. 
Dogecoin price analysis
Dogecoin (DOGE) has been rising inside an ascending channel pattern, indicating buyers have the upper hand.
The bulls tried to push the price above the overhead resistance at $0.48, but the bears held their ground. If the price turns up from the current level or the 20-day EMA ($0.41), the bulls will again try to propel the DOGEUSDT pair to the channel’s resistance line. The bears are expected to defend the resistance line with all their might because a break above it could catapult the pair to $0.60.
If bears want to prevent the upside, they will have to tug the price below the channel’s support line. The pair may then tumble to the 50-day SMA ($0.30).
The pair is finding support at the 20-EMA, indicating a positive sentiment. The bulls will again try to clear the overhead hurdle at $0.48. If they succeed, the pair may rise to the channel’s resistance line. If the price turns down sharply from the resistance line and breaks below the 20-EMA, it will signal that the pair may remain inside the channel for some more time.
Conversely, a break and close above the resistance line will signal the start of the next leg of the up move toward $0.60.
Sui price analysis
Sui (SUI) is facing resistance near $4.50, but the bulls have not ceded much ground to the bears. This suggests that the buyers anticipate the up move to continue.
The SUIUSDT pair could slide to $3.94 and then to the 20-day EMA ($3.66). If the price rebounds off the 20-day EMA, the bulls will try to overcome the head hurdle at $4.50. If they manage to do that, the pair could start the next leg of the uptrend to $5.31.
A minor concern is the developing negative divergence on the RSI. If the price breaks below the 20-day EMA, it will signal that the bulls are booking profits. That may sink the pair to the 50-day SMA ($2.93).
The failure of the bulls to kick the price above $4.50 may start a pullback to $4. This is an important support to watch out for because a strong bounce off it will increase the possibility of a rally above $4.50.
Contrarily, a break and close below $4 will suggest that the bears are trying to get back into the driver’s seat. The pair may then slide to the 50-SMA. If this support cracks, the pair may tumble to $3.
Pepe price analysis
Pepe (PEPE) has reached the overhead resistance of $0.000027, where the bulls and the bears are likely to battle it out for supremacy.
The 20-day EMA ($0.000021) is sloping up, and the RSI is in the overbought zone, indicating advantage to buyers. If the bulls maintain the price above $0.000027, the PEPEUSDT pair could surge to $0.000035 and then to $0.000044.
Contrary to this assumption, if the price turns down from $0.000027, it will signal that the bears are fiercely defending the level. The pair may then drop to the 20-day EMA. Sellers will have to sink the price below the 20-day EMA to gain the upper hand.
The bears pulled the price below $0.000024, but the bulls purchased the dip to the 20-EMA. The bulls are again trying to push the price above $0.000027. If they can pull it off, the pair could soar to $0.000035.
Time is running out for the bears. If they want to make a comeback, they will have to swiftly pull the price below the moving averages. The pair could then slide to the strong support near $0.000017.
Fantom price analysis
Fantom (FTM) broke above the $1.23 overhead resistance on Dec. 2, and the bulls thwarted attempts by the bears to pull the price back below the breakout level. This suggests solid buying on dips.
The rising 20-day EMA ($1.09) and the RSI in the overbought territory indicate that buyers have the upper hand. The bulls will try to push the price toward $1.68, which is likely to act as a stiff hurdle. However, if buyers drive the price above $1.68, the rally could extend to $2.
The crucial support to watch on the downside is $1.23. A break and close below this support will suggest that the bullish momentum is weakening. The FTMUSDT pair may then slump to the 20-day EMA.
The pair has bounced off the 20-EMA, indicating solid buying on every minor dip. If buyers propel the price above $1.39, the pair could resume the uptrend toward the next target objective of $1.68.
Alternatively, if the price turns down sharply from $1.39 and breaks below the 20-EMA, it will signal that the bears are active at higher levels. The pair may then slump to the 50-SMA. A break below the 50-SMA could tilt the short-term advantage in favor of the bears.
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.