The cryptocurrency market experienced minimal fluctuations over the weekend. Bitcoin remained steady, trading around $67,000, showing a slight increase of 0.25% for the day. The neutral daily chart candles reflect investor indecision, hinting at the possibility of the price holding above the recently achieved level.
What Does Ethereum’s Chart Reveal?
Ethereum had a fruitful week, with its value increasing by 8.8% from $2878 to $3110. The current market cap stands at $374 billion, while its 24-hour trading volume is $8 billion. If the bullish trend persists, Ethereum could see a further 4% increase before challenging the key resistance of the falling wedge pattern. A breakout above this channel is essential for continued growth towards $4090, although a failure to do so might prolong the bearish trend.
Where is Chainlink Heading?
Chainlink (LINK) has seen a rise for five straight days, with its price climbing from $12.8 to $16.64, amounting to nearly 30% growth. With a market cap of $9.78 billion, Chainlink holds its position as the fifteenth largest cryptocurrency. The recent surge broke the $16 resistance trend line, indicating a shift in market dynamics. If this uptrend continues, the critical resistance levels to watch are $18.6, $20.7, and $22.8.
Key Insights
– Ethereum’s potential 4% rise could be followed by a challenge at the main resistance.
– Chainlink’s recent breakout points to a significant market dynamic shift.
– Bonk’s inverse head and shoulders pattern suggests potential for significant upward movement upon breaking $0.00003.
What Drives Bonk’s Growth?
Bonk has formed an inverse head and shoulders pattern on its daily chart, with the neckline at $0.00003. The cryptocurrency surged by 28.8% this week, climbing from $0.0000214 to $0.000027. Continuous buying pressure is expected to push the price beyond $0.00003, ending the previous correction phase. Bonk’s market cap is $1.76 billion, with its trading volume reaching $692 million, an increase of $238 million since yesterday. A successful breakout could propel the price towards $0.0000478.