Cryptocurrency Market: Bitcoin's Rise Gives Hope to Altcoin Investors - Latest cryptocurrency news

Cryptocurrency Market: Bitcoin’s Rise Gives Hope to Altcoin Investors

The rise of Bitcoin price above $38,500 has become a source of hope for altcoin investors. An important development that could negatively affect the markets is not expected next week. Inflation is decreasing and PCE data is positive. However, due to the publication of current employment and hourly wage data on Friday, profit-taking may be observed.

DOGE, which will go to the Moon this month, is a subject of curiosity about how the price will react with the positive price of Bitcoin. Necessary approvals have been obtained for the space mission and there will be no major developments until Friday, so a rapid recovery can be seen in altcoins within a few days. In addition, the increase in CME’s open positions indicates that institutional interest continues.

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The $0.08 level is important for the meme coin king and the price is holding within this range. Patient investors are focusing on the $0.1 target again. If a general recovery is seen in altcoins and cumulative volumes exceed $75 billion, the price can quickly reach $0.1 by breaking the $0.09 barrier.

The 20-day EMA is an important support level to watch in downward movements, and closes below this level can cause the price to drop to $0.07.

Telegram support and recent moves have elevated TON Coin to the top ranks among popular cryptocurrencies. It has shown a quite impressive recovery. While the price is trading above the 20-day EMA ($2.38), it temporarily lost momentum. The RSI is just above the neutral zone and buyers will try to push the price above $2.59 to reach the target of the triangle formation, which is $3.58.

If the uptrend support is lost, the price can retreat to the main support level of $1.89. If investors look for buying opportunities at this level during a rapid decline in BTC, the support will strengthen further.

For Chainlink (LINK) investors, the Chainlink team, which has started to reap the rewards of years of effort in December and even in 2024, has the potential to revive the demand by announcing new partnerships. As long as interest in the RWA field remains strong, the possibility of a rally for LINK Coin remains on the table.

The price is currently in a squeeze between the 20-day EMA ($14.19) and the $15.40 resistance. If it sees an upward breakout, it can target $16.6 and $18.3. In the opposite scenario, a possible drop to $12.83 is possible.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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