Keep these two altcoins on your radar for the coming months, where’s Bitcoin (BTC), Positioned?
The cryptocurrency market as a whole has experienced a strong rebound over the past week, adding more than $100 billion to investors wealth. Bitcoin (BTC), which has seen over 13% gains in the weekly chart, has led the market rally. Altcoins have offered strong support.
Investors are still confused about the direction of the market due to recent macro headwinds. Two altcoins, however, seem poised to deliver strong gains in the future, according to technical charts.
The ETH price rose above $1,700 earlier this weekend due to strong accumulation from whales and sharks. As of press time, ETH was trading at $1,704 and is above the crucial support. Popular crypto analyst Rekt capital noted that ETH’s recent move has resulted in a multi-month breakout. ETH will likely resume its multi-month-long uptrend as the multi-month downtrend is over.
Courtesy: Rekt Capital
Chainlink (LINK) is another altcoin showing strong moves in recent weeks. The LINK price has risen by more than 17% in the last week. Rekt Capital notes:
LINK has rallied +26% after its successful retesting of the Range Low area support. LINK is now positioning itself to a bullish weekly close. If price holds, it could even extend to the red diagonal resistance.
Courtesy of Santiment. Another popular crypto trader Michael Van de Poppe wrote: “Opportunity for a lifetime.” A little breaking out, if we get around $7.80 retest, I would be happy for long resistance around $8.50-9.00 before we move towards $15-20.
Where is Bitcoin positioned with these altcoins?
The world’s most popular cryptocurrency Bitcoin is still holding steady to its weekly gains. However, a close above $25,000 could open the door for the next upside move. Bitcoin trades at $24,831.66 as of press time with a market capital of $479 billion.
It is only marginally higher than its 200 day moving average of $24,774. BTC will become bullish if it can achieve a weekly close that is above this.
Courtesy: Rekt Capital
About the author
The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.