Crypto Market Analysis: The cryptocurrency market did not see much change over the weekend as Bitcoin traded sluggishly around $670,000, showing a modest 0.25% intraday growth. While the neutral candles on the daily chart project uncertainty among traders, they likely predict price sustainability above the recently breached level.
If BTC’s price managed to hold above $65,000 in the coming days, the buyers will get better confirmation to develop the current relief rally into a steady recovery. Amidst the potential rally, the buyers can find suitable entry opportunities for altcoins such as Ethereum (ETH), Chainlink (LINK) and BONK.
Also read: Vitalik Buterin mentions one thing he likes about Ethereum ecosystem
1) Ethereum (ETH)
Launched in 2015 by Vitalik Buterin, Ethereum is a decentralized platform that enables developers to build and deploy smart contracts and decentralized applications (dApps).
This week was particularly positive for the ETH, with a price of monthly support from $2878 to $311, registering a jump of 8.8%. Currently, the Ethereum coin shows a market capitalization of $374 billion and a 24-hour trading volume of $8 billion.
If the bullish momentum continues, the ETH price could rise 4% before challenging the key resistance of the descending wedge pattern. A break outside this channel is essential for buyers to lead a sustainable run to $4090 high.
On the contrary, the Ether coin can extend its downtrend until the channel pattern is intact.
Also Read: Analyst Predicts Ethereum ETF Will Cause Big ETH Market Moves
2) Chain link (LINK)
Chainlink (LINK) is a decentralized oracle network that connects smart contracts with real data, APIs, and traditional payment systems, to ensure that smart contracts can safely and reliably communicate with external data sources.
The LINK coin has been rising for five consecutive days where the price rose from $12.8 to $16.64, representing a growth of almost 30%. With a market capitalization of $9.78 billion, the Chainlink coin maintains its position as the fifteenth largest cryptocurrency.
This recent upswing has breached the resistance trend line that has carried a corrective trend for the past two months and the last swing high of $16. While this breakout signals a major change in market dynamics, the LINK price may consolidate above the $16 upside support to stabilize the aggressive rally.
If the uptrend continues, the $18.6, $20.7 and $22.8 are key resistance to watch.
Also Read: Chainlink Price Analysis: Whale Accumulation Positions LINK for $20 Breakout
3) Bonk
Bonk is a meme coin launched on the Solana blockchain. It aims to bring the fun and community-driven aspects of meme coins to the Solana ecosystem, similar to Dogecoin’s role in the broader cryptocurrency market.
An analysis of the daily time frame chart shows that the BONK price is developing an inverse head and shoulders pattern with the neckline resistance at $0.00003. This week, the coin price went from $0.0000214 to $0.000027, registering a noticeable growth of 28.8%.
With continued buying, the coin price is likely to break $0.00003 indicating the end of previous correction. The Bonk price currently holds a market capitalization of $1.76 billion, while the trading volume has risen $238 million to $692 million since yesterday.
A successful breakout will strengthen buyers to lead a rally to $0.0000478.
Also Read: Bonk Price Forecast: Bullish Reversal Pattern Signals 22% Upside Potential
Key takeaways
The cryptocurrency market is currently witnessing a post-recovery consolidation – a period known as the stabilization of the aggressive buying momentum. The Bitcoin price consolidation around $67,000 has limited recovery movement in altcoins over the weekend. If the BTC price manages to hold its ground above $35,000, the market will see renewed recovery momentum.
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The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication holds any responsibility for your personal financial loss.
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
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