Chainlink, ASTR, and BNB attracted more buyers as money shifted from Bitcoin to these emerging coins. The growing demand for LINK, BNB, and ASTR could lead to price increases in the upcoming week, following Bitcoin’s drop from around $43,000 to nearly $40,000, affecting various altcoins.
Market sentiment turned negative last week due to major sell-offs by big investors, impacting the altcoin market as well. The altcoin dominance dropped from 12.9% to 12.4%.
Crypto Fear/Greed Index and Market Dynamics
Top 10 Altcoin Chart; Source – TradingView
The crypto fear/greed index experienced a notable shift from an extreme greed level of 76 to a more neutral 52. This signals a stabilization in the previously overheated market, offering a bullish outlook. The change, coupled with Bitcoin’s diminished dominance, suggests a potential opportunity for altcoins to outperform in the week ahead. The shift to a more balanced sentiment level indicates the possibility of renewed buying interest in the market.
Chainlink (LINK) Price Analysis: Bulls Face Resistance
Bulls in the Chainlink (LINK) market are actively working to assert dominance, driving the LINK price toward the immediate Fib channel. However, their efforts encounter resistance as sellers become active above the $16.5 mark. Presently, Chainlink’s price stands at $16, reflecting a 3.5% increase from yesterday’s rate.
Chainlink (LINK) Price Chart: Source – TradingView
Key indicators, such as the surging 20-day Exponential Moving Average (EMA) at $15.5 and the Relative Strength Index (RSI) above the midline at 56, suggest a potential upward movement in the market. To thwart the ongoing correction, buyers must aim to push the LINK price above the $17.5 level. Achieving this would nullify the current bearish trend, possibly triggering a bullish rally towards $20 and beyond.
Conversely, a drop below the moving averages could intensify selling activity. In such a scenario, LINK price might experience further decline, consolidating within a bearish range around $13.
Astar (ASTR) Price Analysis: Upside Potential and Bearish Warning
Astar (ASTR) has exhibited an upward trend recently, marked by consistent buying pressure at various resistance levels. However, a noteworthy observation is that the bears have effectively maintained the price below the $0.18 threshold. Presently, ASTR’s price stands at $0.175, reflecting a 5.5% increase from yesterday’s rate.
Astar (ASTR) Price Chart: Source – TradingView
Should buyers succeed in pushing the price above the resistance line of the ascending channel, ASTR’s price could potentially surge to the $0.2 mark. A decisive break and closure above this level might signify the end of any ongoing bearish momentum, potentially paving the way for further upward movements.
Conversely, if the price experiences a decline from the 20-day Exponential Moving Average (EMA), it could indicate active selling by bears during price rallies. This scenario increases the likelihood of the price dropping towards the support line of the channel.
Binance Coin (BNB) Price Analysis: Consolidation and Resistance Testing
The price of Binance Coin (BNB) is currently in consolidation around the 20-day Exponential Moving Average (EMA) at $315. Notably, bears were unable to keep the price below the 0.023 Fibonacci retracement level, prompting buyers to make efforts to push the price above the resistance line. Presently, BNB’s price is at $313, marking a modest increase of 0.13% from yesterday’s rate.
Binance Coin (BNB) Price Chart: Source – TradingView
The next move in the BNB market hinges on the ability of buyers to sustain the price above $320. A successful hold above this level might lead to a test of resistance at $336. Conversely, a rejection at $320 could result in a potential decline in the price in the coming week.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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