Altcoin
Altcoin recovery stalls as BTC stabilizes at $67,000
Cryptocurrency Market Analysis: The cryptocurrency market saw no major changes over the weekends, as Bitcoin traded slowly around $670,000, showing modest intraday growth of 0.25%. While neutral candles on the daily chart project uncertainty among traders, they are likely to project price sustainability above the recently surpassed level.
If BTC price manages to sustain above $65,000 in the coming days, buyers would get better confirmation to turn the current relief rally into a steady recovery. Amid the potential rally, buyers can find suitable entry opportunities for altcoins such as 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, it is a decentralized platform that allows developers to create and deploy smart contracts and decentralized applications (dApps).
Ethereum (ETH)| Tradingview
This week has been particularly bullish for ETH, showing the price from the monthly support of $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 persists, the ETH price it could rise 4% before challenging the key resistance of the descending wedge pattern. A breakout beyond this channel is crucial for buyers to lead a sustainable run towards the $4,090 high.
On the contrary, the Ether coin could prolong its downtrend until the channel pattern is intact.
Read also: An analyst predicts that the Ethereum ETF will trigger major moves in the ETH market
2) Shirt (LINK)
Chain shirt (LINK) is a decentralized oracle network that connects smart contracts with real data, APIs and traditional payment systems, ensuring that smart contracts can interact with external data sources securely and reliably.
Shirt (LINK)| Tradingview
The LINK coin has been rising for five consecutive days, jumping from $12.8 to $16.64, 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 rally violated the resistance trend line which brought a correction trend over the past two months and the latest high of $16. While this breakout signals a major shift in market dynamics, the Price LINK it could consolidate above the overturned support at $16 to stabilize the aggressive rally.
If the uptrend continues, the $18.6, $20.7, and $22.8 levels will be crucial resistance to watch.
Read also: Chainlink Price Analysis: LINK Whale Accumulation Positions for $20 Breakout
3) Good
Bonk is a meme coin launched on the Solana blockchain. It aims to bring the fun, community-driven aspects of meme coins to the Solana ecosystem, similar to Dogecoin’s role in the broader cryptocurrency market.
Bonk| Tradingview
An analysis of the daily time frame chart shows the VERY GOOD price is developing an inverted head and shoulders pattern with neckline resistance at $0.00003. This week, the coin’s price rose from $0.0000214 to $0.000027 registering a notable growth of 28.8%.
With sustained buying, the coin’s price is likely to move above $0.00003, signaling the end of the previous correction. THE Good The price currently holds a market capitalization of $1.76 billion, while trading volume since yesterday increased by $238 million to reach $692 million.
A successful breakout will support the buyers, pushing them to lead a rally towards $0.0000478.
Read also: Bonk Price Prediction: Bullish Reversal Pattern Signals 22% Upside Potential
Key takeaway
The cryptocurrency market is currently witnessing post-recovery consolidation, a period known as stabilization of aggressive buying momentum. The consolidation of the price of Bitcoin around $67,000 limited the recovery movement of altcoins over the weekends. If the price of BTC manages to remain above $35,000, the market would witness a renewed recovery momentum.
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