In the past week, Bitcoin’s price fell sharply from around $43K, approaching the $40K mark. This decline affected many altcoins, but emerging ones like Chainlink, ASTR, and BNB saw increased buying pressure as capital shifted from Bitcoin to these markets. Consequently, there’s a growing demand for LINK, BNB, and ASTR, which could lead to their prices rising further in the upcoming week.
Altcoin Dominance Experiences A Decline The market sentiment has turned bearish in the last week, influenced by significant sell-offs from large investors, which also affected the altcoin market. The altcoin dominance notably decreased from a high of 12.9% to 12.4%.
However, the crypto fear/greed index shifted from an extreme greed level of 76 to a more neutral 52, indicating a stabilization of the previously overheated market. This is a bullish sign for the market as this could bring a renewed buying interest. This change, along with Bitcoin’s reduced dominance, may provide an opportunity for altcoins to perform better in the upcoming week.
Chainlink (LINK) Price Analysis Bulls are aiming to increase their domination as they push LINK price toward the immediate Fib channel. However, efforts by bulls to initiate a surge for Chainlink face rejection as sellers are active above $16.5. As of writing, Chainlink price trades at $16, surging over 3.5% from yesterday’s rate.
The surging 20-day Exponential Moving Average (EMA) at $15.5 and the Relative Strength Index (RSI) above the midline at 56 level hint that the market is more likely to move upward. If buyers aim to halt the ongoing correction, they need to push the LINK price above the $17.5 level. Doing so would negate any current bearish trend and could initiate a bullish rally towards $20, and possibly extend it further.
However, a drop below the moving averages will create intense selling activity. As a result, LINK price could drop further and consolidate within a bearish region of $13.
Astar (ASTR) Price Analysis Astar price has been on an upward trajectory recently after gaining buying pressure near each resistance level for several days. However, a slight negativity is that the bears have successfully kept the price below the $0.18 level. As of writing, ASTR price trades at $0.175, increasing over 5.5% from yesterday’s rate.
Should the buyers manage to push the price above the ascending channel’s resistance line, the ASTR price might surge to the $0.2 mark. A decisive break and close above this could signal the end of any bearish rally, potentially leading to further rises.
On the flip side, if the price declines from the 20-day EMA, it would indicate that the bears are still actively selling during price rallies. This could enhance the chances of the price dropping to the channel’s support line.
Binance Coin (BNB) Price Analysis BNB price is consolidating around the 20-day Exponential Moving Average (EMA) of $315, but the bears couldn’t keep the price lower than the 0.023 Fibonacci retracement level. Hence, buyers are attempting to send the price above the resistance line. Currently, BNB price trades at $313, surging over 0.13% from yesterday’s rate.
If buyers manage to maintain the price above $320, the BNB price might test the resistance at $336. However, a rejection at $320 might plunge the price next week.
Are you looking for the next big altcoins to watch for potential investment opportunities? If so, then keep an eye on Chainlink (LINK), Astar (ASTR), and Binance Coin (BNB) as they show increased buying confidence and potential for growth next week. In this article, we will dive into the reasons behind their recent surge and provide insights on their potential future performance.
Chainlink (LINK)
Chainlink (LINK) is a decentralized oracle network that aims to connect smart contracts with real-world data. As one of the top-performing altcoins in the market, LINK has been gaining attention from investors due to its unique use case and strong fundamentals.
Key Highlights:
Chainlink has recently shown increased buying confidence, with its price surging by over 30% in the past week.
The project has been making significant partnerships with major companies, further solidifying its position in the blockchain space.
With the growing demand for decentralized finance (DeFi) applications, Chainlink’s oracle solutions are expected to play a crucial role in the industry.
Astar (ASTR)
Astar (ASTR) is a blockchain platform that aims to provide an ecosystem for decentralized applications (dApps) and non-fungible tokens (NFTs). With the rise of NFTs and the growing popularity of blockchain gaming, Astar has garnered attention for its potential in the market.
Key Highlights:
Astar has shown strong buying confidence, with its price experiencing a notable surge in recent trading sessions.
The platform’s focus on NFTs and dApps has positioned it as a promising player in the blockchain space, attracting interest from both investors and developers.
Astar’s innovative features and interoperability with other blockchain networks have contributed to its growing momentum in the market.
Binance Coin (BNB)
Binance Coin (BNB) is the native cryptocurrency of the Binance exchange, one of the largest and most popular cryptocurrency exchanges in the world. As a utility token for the Binance ecosystem, BNB has demonstrated resilience and continued growth in the market.
Key Highlights:
Binance Coin has shown increased buying confidence, with its price reaching new all-time highs in recent weeks.
The Binance Smart Chain, which is powered by BNB, has gained traction as a scalable and cost-effective platform for decentralized applications.
BNB’s consistent performance and the expansion of the Binance ecosystem have contributed to its growing adoption and investment appeal.
Benefits and Practical Tips for Investors:
Diversifying your investment portfolio with promising altcoins like Chainlink, Astar, and Binance Coin can potentially enhance your overall returns.
Staying informed about the latest developments and partnerships of these altcoins can help you make well-informed investment decisions.
Conducting thorough research and due diligence before investing in any altcoin is crucial for minimizing risks and maximizing potential gains.
In summary, Chainlink (LINK), Astar (ASTR), and Binance Coin (BNB) have shown increased buying confidence and potential for growth next week. Their unique use cases, strong fundamentals, and growing market demand make them standout altcoins to watch in the coming days. As always, it is important to conduct thorough research and stay informed about the latest developments in the cryptocurrency market to make informed investment decisions. With the right strategy and careful consideration, these altcoins could present lucrative opportunities for investors seeking exposure to the growing blockchain and cryptocurrency ecosystem. Keep an eye on these top altcoins as they continue to showcase their potential in the ever-evolving digital asset landscape.
References:
– CoinMarketCap
– Binance
– Chainlink
– Astar
Looking forward to seeing how these altcoins perform!
Excellent projects
Nice project