Bitcoin‘s price experienced a minor pullback this week, but reaching the level of $44,000 within the day indicates that bulls are not in a hurry to close their positions. The developments in Bitcoin continue to have a positive impact on the altcoin market. So, what do the BNB, ADA, and LINK charts tell us? Let’s examine together.
BNB is confined between $223 and $239, indicating a balance between supply and demand. Investors pushed the price above the 20-day EMA level of $233 and are trying to overcome the obstacle at the $239 level. If they succeed, the BNB/USDT pair is expected to gain momentum and surpass the barrier at the $265 level.
Cardano began its ascent after closing above the $0.40 resistance on December 4th. Investors lifted the price above $0.46 on December 7th and then moved it over $0.52 with another push on December 8th. If the ADA/USDT pair turns downward from its current level, it is likely to find support at $0.52 and then at $0.46.
Chainlink found support at the 20-day EMA level of $15.04 on December 7th, indicating that investors are buying on dips and sentiment is positive. Bulls continued their purchases on December 8th, driving the price above the $16.60 resistance. If the price falls below $16.60 and closes under this level, the likelihood of a downturn increases.
The price movements of BNB, ADA, and LINK point to specific levels for potential short-term rises and falls. These analyses can aid investors in their decision-making processes and shed light on the overall market trends.