EOS, STX, IMX and MKR are showing bullish signs as Bitcoin looks for direction

Stock markets in the United States staged a strong recovery this week, but Bitcoin (BTC) failed to follow suit. This means that cryptocurrency investors have been left on the sidelines and may be worried about the ongoing problems at Silvergate Bank. These fears may be what’s behind it all crypto market capitalization drops to nearly $1 trillion.

Behavioral analytics platform Santiment said in a March 5 report that there has been a “huge surge in bearish sentiment,” according to their Social Trends bullish vs. bearish chart. However, the company added that “the kind of overwhelmingly bearish sentiment could produce a nice bounce to shut up the critics.”

Daily view of crypto market data. source: Coin360

Another near-term positive for crypto markets is weakness in the US Dollar Index (DXY), which has fallen 0.70 over the past 7 days. This suggests that the crypto markets may try to recover in the next few days. While Bitcoin remains above $20,000, select altcoins may outperform the broader markets.

Let’s explore the charts of Bitcoin and the four altcoins that are promising in the near future.


Bitcoin broke below the $22,800 support on March 3. Buyers tried to push the price back above the March 5 breakout, but the long candlestick wick suggests the bears are trying to turn $22,800 into resistance.

BTC/USDT Daily Chart. Source: TradingView

The 20-day exponential moving average ($23,159) has started to turn down and the relative strength index (RSI) is below 44, indicating that the bears are trying to consolidate their position. The sellers will try to sink the price below the support at $21,480. If they succeed, the BTC/USDT pair could retest the vital support at $20,000.

If the bulls want to prevent the decline, they will need to quickly push the price above the 20-day EMA. Such a move would suggest aggressive buying at lower levels. The pair could then rally to $24,000 and then rise to $25,250. A break above this resistance would indicate a potential trend reversal.

BTC/USDT 4 Hour Chart. Source: TradingView

The moving averages are turning down on the four-hour chart and the RSI is near 39. This indicates that the bears have the upper hand. If the price turns down from the 20-day EMA and breaks below $21,971, the pair may retest the $21,480 support.

Instead, if the bulls move the price above the 20-EMA, it would suggest that the bears may be losing their grip. The pair can then climb up to the 50-day simple moving average. This is an important level for the bears to defend because a break above it could open the doors for a rally to $24,000.


EOS (EOS) broke above the vital $1.26 resistance on March 3, but the bulls could not sustain the higher levels. However, a positive sign is that the price has not fallen below the 20-day EMA ($1.17).

EOS/USDT daily chart. Source: TradingView

Gradually rising moving averages and RSI in the positive zone indicate an advantage for the bulls. The EOS/USDT pair is forming a rounded bottom pattern that will complete on a breakout and close above the $1.26 to $1.34 resistance zone. This reversal setup has a target target of $1.74.

The important support to watch on the downside is the 50-day SMA ($1.10). Buyers have not allowed the price to fall below this support since January 8, so a break below it could accelerate selling. The next support on the downside is $1 and then $0.93.

EOS/USDT 4-hour chart. Source: TradingView

The bears pulled the price below the 20-EMA, but it is a bit positive that the bulls did not allow the pair to slide towards the 50-SMA. This suggests that lower levels continue to attract buyers. If the price breaks above the 20-EMA, the bulls will again try to break the barrier at $1.26. If they do that, the pair could jump to $1.34.

This bullish view could be invalidated in the near term if the price turns to the downside and breaks below the 50-SMA. This could extend the decline to $1.11.


Stacks (STX) rose sharply from $0.30 on February 17th to $1.04 on March 1st, a 246% increase in a short time. Vertical rallies are usually followed by sharp declines, and this happened.

STX/USDT Daily Chart. Source: TradingView

The STX/USDT pair collapsed to the 20-day EMA ($0.69), where it is finding buy support. The 50% Fibonacci retracement level of $0.67 is also close, therefore the bulls will try to defend the level with energy. On the upside, the bears will try to sell the rally in the area between $0.83 and $0.91.

If the price turns down from this upper zone, the sellers will again try to deepen the correction. If $0.67 is broken, the next support is at the 61.8% retracement level of $0.58.

Against this assumption, if buyers push the price above $0.91, the pair could rise to $1.04. A break above this level would indicate a possible resumption of the uptrend. The pair could then rise to $1.43.

STX/USDT 4 Hour Chart. Source: TradingView

The 4-hour chart shows that the 20-EMA is trending lower and the RSI is in negative territory, indicating that the bears have a slight advantage. Sellers are likely to defend moving averages during pullbacks. They will try to maintain their hold and lower the price to $0.65 and then to $0.56. The bulls will fiercely try to defend this support zone.

The first sign of strength will be a break and close above the 50-SMA. The pair could then rise to $0.94 and later to $1.04.

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ImmutableX (IMX) bounced off the 50-day SMA ($0.88) on March 3 and closed above the 20-day EMA ($1), indicating solid demand for lower levels.

IMX/USDT Daily Chart. Source: TradingView

The IMX/USDT pair could rise to $1.12, where the bears will again try to stop the recovery. If buyers break through, the pair could accelerate towards the firm overhead resistance at $1.30. This is a crucial level to watch because a break and close above it could signal the start of a new uptrend. The pair could then jump to $1.85.

Conversely, if the price turns down from the current level or $1.12, it will mean that the bears have not yet given up. The sellers will then again try to dip the pair below the 50-day SMA and gain the upper hand. If they succeed, the pair could fall to $0.63.

IMX/USDT 4 Hour Chart. Source: TradingView

The four-hour chart shows that the price is fluctuating between $0.92 and $1.12. Typically, in a range, traders buy near support and sell near resistance. Price action inside the range can be random and volatile.

If the price rises above the resistance, it suggests that the bulls have overcome the bears. The pair could then rise to $1.30. On the contrary, if the bears sink the price below $0.92, the pair could turn negative in the near term. Support on the downside is $0.83 and the next is $0.73.


After a brief withdrawal, Maker (MKR) tries to resume its upward movement. This suggests that sentiment remains positive and traders view declines as buying opportunities.

MKR/USDT Daily Chart. Source: TradingView

Ascending moving averages and RSI in positive territory indicate that the path of least resistance is up. If buyers sustain the price above $963, the MKR/USDT pair may start its journey towards the $1150 to $1170 resistance zone.

If the bears want to stop the uptrend, they will need to pull the price below the 20-day EMA ($807). If they manage to do this, the stops of several short-term traders could be affected. The pair could then move lower to the 50-day SMA ($731).

MKR/USDT 4 Hour Chart. Source: TradingView

The pair traded between $832 and $963 for a while, but the bulls are trying to kick the price above the range. The 20-EMA has turned up and the RSI is in positive territory, indicating that the bulls are in command.

If the price holds above $963, the pair may attempt a rally to the target target of $1,094. On the other hand, if the price falls sharply below $963, it will suggest that the breakout may have been a bull trap. This may prolong the consolidation for some time.