Bitcoin is about to close its ninth week in the red, which would mark a milestone in the history of cryptocurrencies.
The cryptocurrency market remains in the red for another week. Bitcoin is about to close its ninth consecutive week of losses, which would mark a historic milestone, since the cryptocurrency has never remained in decline for so long. In addition, the cryptocurrency has not been able to replicate the performance of the US stock market, where the Dow Jones Industrial Average index has rebounded by 6,2%.
Despite all this, the signs from the crypto market invite optimism, as Bitcoin whales have been buying during the dip. In this sense, data from Glassnode points out that the Wallets holding 10.000 Bitcoin or more have reached their highest level since February 2021, indicating that the long-term view for Bitcoin remains bullish.
In this way, if Bitcoin starts a bullish recovery, it is very likely that some altcoins will follow it in its wake. way upLet's look at 5 cryptocurrencies that could lead this rally throughout this week:
Bitcoin (BTC)
Even though the price of Bitcoin remains stuck in the level between $28.000 and $30.000, we are seeing a divergence in the relative strength index (RSI) which suggests that we could be about to see a new bullish momentum.
On the other hand, if Bitcoin fails to hold the overhead resistance, the bears could drag the price back below $28.630. If successful, a “triangle pattern” is likely to complete and drag the price to the target of $24.601.
At the moment, the 20-EMA and 50-SMA on the 4-hour chart have flattened out and the RSI is just above the midpoint, so supply and demand may be balanced.
From here, if the bulls push strongly, the descending triangle pattern will be invalidated, which could lead to a bullish market.
Ether (ETH)
The second-largest cryptocurrency by market cap has also been mired in a downtrend. However, bulls are trying to stop the bleeding in the crucial support level of $1.700.
On May 28, the price rebounded and the bulls are trying to ride the momentum to continue the recovery. In fact, the RSI is creating a bullish divergence. If the bulls manage to push the price above $2.036, Ether could overcome a resistance at $2.159.
On the other hand, if the $2.036 level is lost, the bears could push the price to the next support level located at $1.300.
Chainlink (LINK)
Meanwhile, the total value locked (TVL) in DeFi is currently at around $109.000 billion. This rise has been led by some new projects, but above all, by Chainlink.
This is because many DeFi blockchains are leveraging Chainlink’s infrastructure to build DeFi projects, create new features for cryptocurrencies and NFTs. One of the most eye-catching has been Cardano.
Beyond adoption in DeFi, Chainlink is greatly improving its infrastructure thanks to the Chainlink Keepers Launch. Recently, Chainlink has revealed that more than 70 projects are taking advantage of the goalkeepers to automate time- and event-sensitive smart contracts such as limit orders, prediction rounds, and more.
Even though LINK experienced a 4% drop last week, during the last 24 hours has risen up to 9%, indicating that a breakout pattern is forming.
At the moment, LINK’s support line lies at $6,02, while a break above $8 could push it towards a consolidation above $12.
STEP (GMT)
STEPN price analysis shows bullish momentum that has intensified over the past 24 hours. In this regard, the bulls have been pushing since May 27, managing to push GMT to $1,23.
In this sense, one-day analyses show signs of an upward trend, thanks to increased buying activity in the last 24 hours. This momentum represents profits of up to 32% from the lows marked by the correction it suffered on May 26.
On the other hand, volatility is following a decreasing pattern as the upper Bollinger band value has dropped to $1,70, representing a stronger resistance, while the lower band is at $0,94, representing a stronger support level for the GMT.
AAVE (AAVE)
On May 23, AAVE achieved reach the 20-day EMA of $101However, the bulls failed to maintain the momentum. This means that the bears are still aggressively defending the level. Fortunately, the buyers have not given up ground and continue to buy cryptocurrencies.
If the bulls manage to break the 20-day EMA level, AAVE could gain traction and surpass the 50-day EMA at $132.
However, if the price drops below the 20-day EMA and breaks the $89 support level, there may be massive selling that pushes the token towards $64. For now, the RSI is just above the midpoint, indicating a balance between supply and demand.
However, if buyers continue to push and sustain the price above $110, AAVE could surge above $130 and reach as high as $143. On the other hand, if the price breaks below $90, the bears can drag the price down to $70.
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IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
