Cryptocurrency investors experienced a relatively quiet weekend with Bitcoin (BTC) hovering around $69,000. Despite some movement from XRP, AVAX, and LINK Coin during the last BTC surge, these altcoins did not hit new peaks. Fluctuations in BTC price were attributed to weak demand. What are the prospects for XRP, AVAX, and LINK Coin?
How Is XRP Performing?
The $0.58 level, once a support for XRP, has become a resistance point, with bulls struggling to break through. XRP has repeatedly failed to close above this mark. The SEC’s more lenient approach to the ETH ETF has not sparked hope regarding the Ripple lawsuit. In the short term, turning the $0.53 level into support is critical, and bulls are currently striving to achieve this.
Should the bulls succeed, XRP could retest the $0.58 level. Beyond this, targets of $0.66 and $0.74 remain in play. The outcome of the Ripple case, now in the judge’s hands, will be pivotal.
Can AVAX Sustain Its Current Price?
Avalanche (AVAX), one of the top smart contract platforms by market value, faces disruption from high annual inflation. After rising from $31.3, AVAX reversed course with sales above $40, currently priced at $38. Maintaining this level could pave the way for attempts to climb above $40 again. For now, BTC holding steady above $69,000 is a positive sign.
If selling pressures deepen, AVAX might drop to $31.3 and possibly $18.7. Investors are waiting for Ethereum (ETH) to achieve new highs, which could catalyze significant movements in altcoins. A shift in capital from BTC to altcoins might present substantial profit opportunities during this consolidation phase.
Is LINK Coin Holding Strong?
Recently, LINK Coin has been one of the best-performing altcoins. Despite BTC’s price fluctuations, Chainlink (LINK) has shown resilience, rising by 36% over the past nine days to hold above $17. For potential new rallies, sustained closures above $15.5 are essential. However, if LINK closes below this level, the upward trend could be at risk.
Key Takeaways for Investors
– Monitoring XRP’s ability to turn $0.53 into a support level is crucial.
– AVAX needs to maintain its current price to attempt climbing above $40.
– ETH hitting new highs may trigger significant movements in altcoins.
– LINK needs to sustain closures above $15.5 to continue its upward trend.
In conclusion, the cryptocurrency market has seen a calm weekend, with critical levels being closely watched for possible shifts in momentum. Investors are advised to keep a close eye on these developments to seize potential opportunities.