Markets
Altcoin recovery stalls as BTC stabilizes at $67,000
Crypto Market Analysis: The cryptocurrency market saw no major changes over the weekend, with Bitcoin trading slowly around $670,000, showing a modest intraday growth of 0.25%. Even though neutral candles on the daily chart project uncertainty among traders, they likely project price sustainability above the recently crossed level.
If BTC price manages to hold above $65,000 in the coming days, buyers would get better confirmation to turn the current rally into a steady one. Amid the potential rally, buyers may find suitable entry opportunities for altcoins like Ethereum (ETH), Chainlink (LINK), and BONK.
Read also: Vitalik Buterin names one thing he loves about the Ethereum ecosystem
1) Ethereum (ETH)
Ethereumlaunched in 2015 by Vitalik Buterin, is a decentralized platform that allows developers to create and deploy smart contracts and decentralized applications (dApps).
Ethereum (ETH)| Commercial view
This week was particularly bullish for ETH, featuring a price swing from monthly support of $2,878 to $311, seeing an 8.8% jump. Currently, the Ethereum coin has a market capitalization of $374 billion and a 24-hour trading volume of $8 billion.
If the upward momentum persists, the ETH Price could jump 4% before challenging the key resistance of the descending wedge pattern. A breakout beyond this channel is crucial for buyers to make a sustainable run to the high $4,090.
On the contrary, Ether coin could extend its downtrend until the channel pattern is intact.
Read also: Analyst Predicts Ethereum ETF to Trigger Major Moves in ETH Market
2) Chain link (LINK)
Chain link (LINK) is a decentralized Oracle Network that connects smart contracts to real-world data, APIs and traditional payment systems, ensuring that smart contracts can interact with external data sources securely and reliably.
Chain Link (LINK)| Commercial view
LINK coin has risen for five consecutive days as the price rose from $12.8 to $16.64, representing a growth of almost 30%. With a market capitalization of $9.78 billion, Chainlink coin maintains its position as the fifteenth largest cryptocurrency.
This recent rise broke the resistance trendline that featured a correction trend over the past two months and the latest high of $16. Although this breakout signals a major change in market dynamics, the LINK Price could consolidate above the inverse support at $16 to stabilize the aggressive rally.
If the uptrend continues, $18.6, $20.7, and $22.8 will be crucial resistance to watch.
Read also: Chainlink Price Analysis: Whale Accumulation Positions LINK for $20 Breakout
3) Good
Bonk is a meme coin launched on the Solana blockchain. It aims to bring the fun and community aspects of meme coins to the Solana ecosystem, similar to Dogecoin’s role in the broader cryptocurrency market.
Bonk| Commercial view
An analysis of the daily time frame chart shows the BONK Price develops an inverse head and shoulders pattern with neckline resistance at $0.00003. This week, the coin price increased from $0.0000214 to $0.000027, registering a notable growth of 28.8%.
With sustained buying, the coin’s price is likely to rise above $0.00003, signaling the end of the previous correction. THE Bonk the price currently holds a market cap of $1.76 billion, while trading volume since yesterday jumped $238 million to $692 million.
A successful breakout will prompt buyers to lead a rally to $0.0000478.
Read also: Bonk Price Prediction: Bullish Reversal Pattern Signals 22% Upside Potential
Key to remember
The cryptocurrency market is currently experiencing post-recovery consolidation, a period known as stabilizing aggressive buying momentum. Bitcoin price consolidation around $67,000 limited the recovery movement of altcoins over the weekend. If the BTC price manages to hold above $35,000, the market will see further recovery momentum.
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