Over the weekend, the cryptocurrency market remained relatively stable with Bitcoin trading at around $67,000 and experiencing a modest 0.25% growth throughout the day. The neutral candles on the daily chart suggest that investors are uncertain about the future direction of the price, but there is a possibility that it could sustain above the recently breached level.
Ethereum had a productive week, with a notable 8.8% increase from its monthly support of $2,878 to $3,110. Currently, Ethereum has a market cap of $374 billion and a 24-hour trading volume of $8 billion. If the bullish momentum continues, Ethereum’s price could rise by 4% and potentially challenge the main resistance of the falling wedge pattern. Breaking out of this channel is crucial for buyers to lead a sustainable rise towards $4,090. However, if the bearish trend persists, Ethereum may continue to decline until the channel pattern remains intact.
Chainlink has experienced five consecutive days of growth, with its price rising from $12.8 to $16.64, a significant increase of nearly 30%. With a market cap of $9.78 billion, Chainlink remains the fifteenth largest cryptocurrency. The recent surge broke the resistance trend line at $16, which had been correcting the price for the past two months. This breakout indicates a significant shift in market dynamics, and there is a possibility that Chainlink’s price will consolidate above the reversed $16 support to stabilize the aggressive rise. If the uptrend continues, key resistances to watch include $18.6, $20.7, and $22.8.
Bonk’s daily timeframe chart reveals an inverse head and shoulders pattern, with the neckline resistance at $0.00003. This week, the cryptocurrency has seen a significant 28.8% growth, rising from $0.0000214 to $0.000027. With continuous buying pressure, there is a likelihood that the price will break $0.00003, indicating the end of the previous correction. Bonk currently has a market cap of $1.76 billion, and its trading volume has increased by $238 million since yesterday, reaching $692 million. A successful breakout could lead buyers towards a rise to $0.0000478.
Please note that the information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and should conduct their own research. For the latest news, you can follow us on Telegram, Facebook, Twitter, and Coinmarketcap.
