Over the last week, the broader cryptocurrency market has seen a strong recovery that has added over $100 billion to investors’ wealth. Bitcoin (BTC) has led the market rally with over 13% gains on the weekly chart, with altcoins offering strong support.
The macro headwinds of late have confused investors as to where the market is headed next. However, according to the technical charts, two altcoins appear poised to post strong gains in the future.
Earlier this weekend, ETH price surged above $1,700 with on-chain data showing strong shark and whale accumulation. At press time, ETH is trading at $1,704 and holding above the crucial support. Popular crypto analyst Rekt Capital noted that ETH has seen a multi-month breakout with the latest move. As the multi-month downtrend ends, ETH is likely to continue its multi-month uptrend.
Courtesy: Rekt Capital
Another altcoin showing strong moves lately is Chainlink (LINK). Over the last week, LINK price is up more than 17% showing strength. Notes on Rekt Capital:
LINK has recovered +26% as support since its successful retest of range-low SHORTCUT is now positioning for a bullish weekly close. As long as the price holds like this, it might even surpass it to the resistance of the red diagonal.
Courtesy: Santiment
Another popular crypto trader, Michael Van de Poppe, writes: “A golden opportunity. Slightly breaking out if we get a retest around $7.80, I would be happy to hold resistance around $8.50-9.00 before we move further towards $15-20.”
Where is Bitcoin positioned with these Altcoins?
The world’s largest cryptocurrency, bitcoin, is holding on to weekly gains, but a close above $25,000 could prime it for the next upside. At press time, Bitcoin is trading at $24,831.66 with a market cap of $479 billion.
This is just slightly above its 200-day moving average of $24,774. If BTC manages to make a weekly close above it, it will turn bullish.
Courtesy: Rekt Capital
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