Today, the crypto market rebounded. Bitcoin rebounded from $57,000 to $59,400, and Ethereum rebounded to $2,530. All Altcoin in the market are slowly rebounding!
In this article, we present three Altcoin that have the potential to record a strong bullish recovery in their respective portfolios in the coming weeks.
Dogecoin price record fuels bearish action
DOGE’s price has dropped by 1.93% in the past, with a trading volume of $520.196 million. Moreover, with a 18.89% plunge, the memecoin is currently valued at $0.09982 and ranks eighth on the global cryptocurrency rankings with a market cap of $14.123 billion.
The 50-day EMA has been acting as a resistance on the DOGE price chart on the 1D timeframe. Moreover, the RSI is trending down. However, its average trendline shows a high probability of a bullish convergence, indicating mixed price sentiment.
If the market pushes Doge memecoin above its resistance at $0.101, it will be ready to test its highest price at $0.127 this month. Conversely, if the bears continue to gain momentum, the memecoin will drop to its critical support at $0.0780.
Chainlink price breaks above its important support trendline
LINK has been in a descending triangle pattern since June. In addition, LINK has fallen by 12.31% in the past week and 15.11% in August. The year-to-date return is (-)28.18%, and LINK has become the 14th largest cryptocurrency with a market cap of $6.5 billion.
The Moving Average Convergence Divergence (MACD) shows that the green histogram continues to decline, with a high probability of bearish convergence. Moreover, the SMA has recorded a bearish curve. This suggests that the price may continue to fall this week.
If the market regains momentum, LINK price will break above the resistance trendline and move towards the overhead resistance of $14 in the coming period. On the other hand, the bearish price trend may lead the Altcoin to test new yearly lows.
Is the protocol price about to test its key support level?
Despite the increased price volatility in the cryptocurrency market, NEAR price has fallen by 19.62% in the past week. Moreover, it keeps hitting new lows, indicating that bearish sentiment in the cryptocurrency market is rising.
Technical indicators EMA 50/200 and MACD both recorded bearish price action on the 1D timeframe. This highlights the increase in selling pressure over buying pressure on Altcoin in the cryptocurrency market.
If the market sustains the price of Near Protocol above the $3.70 support, the bulls will regain momentum and push the price towards the $4.925 ceiling. Conversely, if the bears overwhelm the bulls, the NEAR cryptocurrency price will test its $2.615 low.
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