The chart of BTC is starting to become bullish; if the price of Bitcoin surges higher, ADA, QNT, RNDR, and RPL may climb.
In the wake of the debt ceiling agreement and encouraging May nonfarm payrolls statistics, the US equity markets saw significant rises on June 2. The S&P 500 gained 1.8% during the course of the week, while the Nasdaq, which is known for its emphasis on technology sectors, gained 2%. Surprisingly, this was the Nasdaq’s sixth straight week of advances, a streak that hadn’t occurred since January 2020.
The market rally may have been influenced by the expectation that the Federal Reserve will take a break in its policy at its upcoming meeting. In accordance with CME’s FedWatch Tool, there is a 75% chance that the Fed will decide to take a break, while the remaining 25% anticipate a 25 basis point increase at the meeting on June 14th. This expectation of a pause from the Federal Reserve likely boosted investor confidence and contributed to the market’s positive momentum.
Strong economic indicators and a favorable market reaction to the debt ceiling agreement demonstrate investor confidence in the US economy’s revival. Concerns about a potential default are allayed by the resolution of the debt ceiling crisis, and positive May nonfarm payrolls data points to a comeback in job creation.
The recent market gains and the general upbeat mood in the US equity markets have been influenced by these elements, together with the assumption that the Federal Reserve may halt its monetary policy.
![Bitcoin Price Flashes Bullish Sign, Could Lead to Breakouts in ADA, QNT, RNDR and RPL image 17](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/06/image-17.png?resize=1024%2C641&ssl=1)
![Bitcoin Price Flashes Bullish Sign, Could Lead to Breakouts in ADA, QNT, RNDR and RPL image 17](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/06/image-17.png?resize=1024%2C641&ssl=1)
Would bulls be able to keep up their momentum and overcome the corresponding overhead resistance levels? Which top five cryptocurrencies might drive the rise, if they do?
Bitcoin price analysis
Bitcoin has been trading close to the 20-day exponential moving average ($27,233) for the past three days. This suggests that the bulls are buying the dip near $26,500.
![Bitcoin Price Flashes Bullish Sign, Could Lead to Breakouts in ADA, QNT, RNDR and RPL 24a9935d 6ba7 40d4 932f 252ee41b919f](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/24a9935d-6ba7-40d4-932f-252ee41b919f.png?ssl=1)
![Bitcoin Price Flashes Bullish Sign, Could Lead to Breakouts in ADA, QNT, RNDR and RPL 24a9935d 6ba7 40d4 932f 252ee41b919f](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/24a9935d-6ba7-40d4-932f-252ee41b919f.png?ssl=1)
The 20-day EMA has flattened out and the relative strength index (RSI) is just below the midpoint, indicating a balance between supply and demand. This balance will tilt in favor of the buyers if they drive the price above the resistance line of the descending channel pattern. That may start a northward march toward $31,000.
If the price turns down from the resistance line, it will suggest that the BTC/USDT pair may spend some more time inside the channel. The critical level to watch on the downside is $25,250. A break and close below this support may intensify selling and tug the price toward $20,000.
![Bitcoin Price Flashes Bullish Sign, Could Lead to Breakouts in ADA, QNT, RNDR and RPL 62f17af4 2d46 409b b547 7a3ed59bbe81](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/62f17af4-2d46-409b-b547-7a3ed59bbe81.png?ssl=1)
![Bitcoin Price Flashes Bullish Sign, Could Lead to Breakouts in ADA, QNT, RNDR and RPL 62f17af4 2d46 409b b547 7a3ed59bbe81](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/62f17af4-2d46-409b-b547-7a3ed59bbe81.png?ssl=1)
The four-hour chart shows that the bears are guarding the immediate resistance of $27,350. On the downside, the pair has been forming higher lows in the near term, indicating demand at lower levels. This enhances the prospects of a rally above the overhead resistance. If that happens, the pair may soar to the resistance line of the descending channel.
If bears want to gain the upper hand, they will have to quickly sink the price below the nearest support at $26,505. The next stop on the downside could be $26,360 and then $25,800.
Related: Bitcoin Whales Go Against the Grain, Accumulate BTC Despite DXY Strength
Cardano price analysis
Cardano has been repeatedly finding support at the uptrend line but the bulls have failed to kick the price above the 50-day simple moving average ($0.38).
![Bitcoin Price Flashes Bullish Sign, Could Lead to Breakouts in ADA, QNT, RNDR and RPL 0cb97c3a 9867 4532 9d38 046a14b14561](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/0cb97c3a-9867-4532-9d38-046a14b14561.png?ssl=1)
![Bitcoin Price Flashes Bullish Sign, Could Lead to Breakouts in ADA, QNT, RNDR and RPL 0cb97c3a 9867 4532 9d38 046a14b14561](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/0cb97c3a-9867-4532-9d38-046a14b14561.png?ssl=1)
A breakout from this tight range trading is likely to happen within the next few days. If bulls shove and sustain the price above the 50-day SMA, it will clear the path for a possible rally to $0.42 and then to $0.44.
Alternatively, if the price turns down from the 50-day SMA and dips below the uptrend line, it will suggest the start of a deeper correction. The ADA/USDT pair could then plunge to the strong support at $0.30.
![Bitcoin Price Flashes Bullish Sign, Could Lead to Breakouts in ADA, QNT, RNDR and RPL de942f2e f8c9 463d 9867 a5d473befbbf](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/de942f2e-f8c9-463d-9867-a5d473befbbf.png?ssl=1)
![Bitcoin Price Flashes Bullish Sign, Could Lead to Breakouts in ADA, QNT, RNDR and RPL de942f2e f8c9 463d 9867 a5d473befbbf](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/de942f2e-f8c9-463d-9867-a5d473befbbf.png?ssl=1)
The four-hour chart shows that the $0.38 level is behaving as a strong obstacle. However, the rising moving averages and the RSI in the positive zone indicate that the bulls have the upper hand. If buyers thrust the price above $0.38, the pair could climb to $0.40 and thereafter to $0.42.
If the price turns down sharply from the current level and breaks below the 50-SMA, it will suggest that bears have seized control in the near term. The pair may then collapse to $0.36 and later to $0.35.
Quant price analysis
After staying below the downtrend line for several days, Quant turned around and started a recovery on May 26. The bulls continued their purchase and pushed the price above the moving averages on May 29, indicating a potential trend change.
![Bitcoin Price Flashes Bullish Sign, Could Lead to Breakouts in ADA, QNT, RNDR and RPL 857397a2 5ef6 484d a785 be66764da255](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/857397a2-5ef6-484d-a785-be66764da255.png?ssl=1)
![Bitcoin Price Flashes Bullish Sign, Could Lead to Breakouts in ADA, QNT, RNDR and RPL 857397a2 5ef6 484d a785 be66764da255](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/857397a2-5ef6-484d-a785-be66764da255.png?ssl=1)
The moving averages have completed a bullish crossover and the RSI is in the positive territory, indicating that the path of least resistance is to the upside. There is a barrier at $120 but if bulls overcome it, the QNT/USDT pair could rise to $128 and subsequently to $135.
Contrary to this assumption, if the price turns down sharply from $120, the bears will try to yank the price to the 20-day EMA ($110). This remains the key level to keep an eye on because a break below it will indicate that bears are back in control.
![Bitcoin Price Flashes Bullish Sign, Could Lead to Breakouts in ADA, QNT, RNDR and RPL e7d74e2f 951c 4b40 82d2 90e06df9dd51](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/e7d74e2f-951c-4b40-82d2-90e06df9dd51.png?ssl=1)
![Bitcoin Price Flashes Bullish Sign, Could Lead to Breakouts in ADA, QNT, RNDR and RPL e7d74e2f 951c 4b40 82d2 90e06df9dd51](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/e7d74e2f-951c-4b40-82d2-90e06df9dd51.png?ssl=1)
The four-hour chart shows that the price is stuck inside a trading range between $114.50 and $120. The 20-EMA is flattish but the RSI is in the positive territory, indicating that the momentum remains bullish. If bulls clear the hurdle at $120, the pair is likely to start the next leg of the up-move.
Conversely, if the price turns down and plummets below $114.50, it will suggest that bears have a slight edge. The pair may then slump to $110 and later to $102. The deeper the fall, the greater the time needed for the recovery to resume.
Related: Cryptocurrency markets’ low volatility: A curse or an opportunity?
Render Token price analysis
While most major cryptocurrencies are struggling to start a recovery in a downtrend, Render Token (RNDR) has started a new upward move.
![Bitcoin Price Flashes Bullish Sign, Could Lead to Breakouts in ADA, QNT, RNDR and RPL 8560db90 165c 4d40 89a0 d48d68352381](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/8560db90-165c-4d40-89a0-d48d68352381.png?ssl=1)
![Bitcoin Price Flashes Bullish Sign, Could Lead to Breakouts in ADA, QNT, RNDR and RPL 8560db90 165c 4d40 89a0 d48d68352381](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/8560db90-165c-4d40-89a0-d48d68352381.png?ssl=1)
The RNDR/USDT pair dipped to the 20-day EMA ($2.48) on May 31 but the bulls successfully defended the level. This shows a positive sentiment where traders are buying the dips to strong support levels. The pair could retest the 52-week high of $2.95. If this resistance is overcome, the pair may soar to $3.75.
The first sign of weakness will be a break and close below the 20-day EMA. Such a move will indicate aggressive profit-booking by the short-term bulls. That may open the doors for a possible drop to the 50-day SMA ($2.20).
![Bitcoin Price Flashes Bullish Sign, Could Lead to Breakouts in ADA, QNT, RNDR and RPL bb4014f1 e576 4e26 876d a9c36d0dac50](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/bb4014f1-e576-4e26-876d-a9c36d0dac50.png?ssl=1)
![Bitcoin Price Flashes Bullish Sign, Could Lead to Breakouts in ADA, QNT, RNDR and RPL bb4014f1 e576 4e26 876d a9c36d0dac50](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/bb4014f1-e576-4e26-876d-a9c36d0dac50.png?ssl=1)
The moving averages have completed a bullish crossover and the RSI is in positive territory, indicating that bulls have the upper hand. Buyers will try to push the price above the overhead resistance zone between $2.90 and $2.95. If they succeed, the pair may start a new uptrend.
On the contrary, if the price turns down from the current level or the overhead resistance and breaks below the moving averages, it will suggest that the bears are on a comeback. A break and close below $2.42 will indicate the start of a downward move toward $2.25.
Rocket Pool price analysis
Rocket Pool (RPL) has been trading inside an ascending channel pattern for the past several days. A positive sign in the short term is that the bulls have kept the price above the moving averages. This indicates a change in sentiment from selling on rallies to buying on dips.
![Bitcoin Price Flashes Bullish Sign, Could Lead to Breakouts in ADA, QNT, RNDR and RPL c3bf96a2 5982 491d b6e0 8519679e8a43](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/c3bf96a2-5982-491d-b6e0-8519679e8a43.png?ssl=1)
![Bitcoin Price Flashes Bullish Sign, Could Lead to Breakouts in ADA, QNT, RNDR and RPL c3bf96a2 5982 491d b6e0 8519679e8a43](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/c3bf96a2-5982-491d-b6e0-8519679e8a43.png?ssl=1)
The RPL/USDT pair has been trading inside a tight range for the past few days. This suggests that a range expansion could be around the corner. If the price breaks and closes above $50.50, it will suggest the start of an up-move to the resistance line of the channel. The bears are expected to defend this level with all their might.
This positive view will invalidate in the near term if the price turns down from the current level and breaks below the moving averages. The pair could then plummet to the support line of the channel.
![Bitcoin Price Flashes Bullish Sign, Could Lead to Breakouts in ADA, QNT, RNDR and RPL b546764f 91c0 4973 a3f1 9626099dfdda](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/b546764f-91c0-4973-a3f1-9626099dfdda.png?ssl=1)
![Bitcoin Price Flashes Bullish Sign, Could Lead to Breakouts in ADA, QNT, RNDR and RPL b546764f 91c0 4973 a3f1 9626099dfdda](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/b546764f-91c0-4973-a3f1-9626099dfdda.png?ssl=1)
The four-hour chart shows that the bulls are sustaining the price above the moving averages,but they have failed to clear the overhead hurdle at $50.37. This suggests that bears continue to sell on minor rallies.
If the price turns down and breaks below the 50-SMA, it will indicate that the bulls have given up. The pair may then plummet to the support line near $46.
Source: Cointelegraph