Starting from mid-June, the crypto market experienced a notable surge in buying pressure, driven by the growing interest of major asset management companies in spot Bitcoin ETFs. This heightened attention of investors has propelled the Bitcoin price, suggesting that altcoins are likely to follow suit in the near future. As a result, this presents an enticing investment opportunity for those looking to capitalize on the potential growth of alternative cryptocurrencies.
Also Read: Bitcoin (BTC) Price Retests $31k Amid Positive ETF Sentiment
Cardano(ADA) Price Analysis: Bullish Pattern Hints Potential Upswing
After the early June bloodbath, the Cardano price found support at a December 2021 low of $0.24. These two reversals from the same horizontal support reflect the formation of a bullish reversal pattern called the double bottom.
In addition, the momentum indicator relative strength index(RSI) projects an evident rise in buying pressure at $0.24, indicating buyers actively accumulating at this level. By the press time, the ADA price trades at $0.29 but with sustaining buying it could rise 55% to challenge the $0.462 neckline.
A breakout above the aforementioned resistance will intensify the buying pressure in the market.
Polkadot(DOT) Price Analysis: Accumulation at Crucial Support
In the weekly time frame chart, the Polkadot coin showed a bullish candle pattern called morning star at $4.22 support. This reversal in price action associated with a bullish divergence in the RSI indicator reflects the increased buying pressure.
Therefore, the DOT price will likely witness a bullish reversal from the aforementioned support. Currently, the coin price trades at $5.139 and could witness a 20% to hit the downsloping resistance trendline carrying the current downtrend for sellers.
A bullish breakout from this barrier will signal an early sign of reversal and offers an immediate target of $6.89, followed by $7.8.
Chainlink(LINK) Price Analysis: Bear Trap to Trigger Buying Opportunity
During the early June Sell-off, the Chainlink price gave a bearish breakdown from the yearly support zone of $5.5. The Breakdown of this high accumulation was supposed to intensify selling pressure and prolong a prior downtrend in this coin.
However, with the recent recovery in the market, the LINK buyers reclaimed the lost buyers indicating the previous breakdown as a bear trap. The fake breakdown scenario would likely raise the underlying buying pressure which propels the altcoin price back to the $9.48 mark.
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