According to crypto analyst Kevin Svenson, Chainlink will make a big move when altcoin markets wake up. Santiment says that the leading altcoin project is giving a bullish signal. Analyst Ekta Mourya notes that BNB techniques show a long-term bullish scenario. Also, the analyst expects a recovery in MATIC.
This altcoin is preparing for an explosive rally!
Crypto analyst Kevin Svenson says leading decentralized oracle service Chainlink (LINK) will make a big move when altcoin markets wake up. The analyst states that LINK’s moving average convergence divergence (MACD) indicator heralds an unexpected upward move. Traders often follow the MACD closely as it sometimes signals a potential reversal in the trend. In this context, the analyst makes the following statement:
The Chainlink monthly MACD indicator is about to have its first ‘bullish cross’ since the end of 2020. I’m long AF. A surprise pump is coming for LINK.
In this case, the whole market will take off like a rocket!
Kevin Svenson talks about the hot meme-coin Pepe (PEPE). The analyst says a shift in capital flow towards larger crypto assets such as Bitcoin (BTC) and Ethereum (ETH) could blow the entire market. As you follow on Kriptokoin.com, PEPE has increased by over 5,000% in less than a month. However, some analysts predict that the speculative enthusiasm will continue to heat up. Svenson comments:
If PEPE profits start flowing into BTC and ETH, the whole market will skyrocket… You forget how much leverage can be used. Half a billion = can mean billions of dollars in volume.
Leading altcoin debuted
Santiment, a leading analytics firm, says Ethereum (ETH) is signaling bullish on-chain as investors pile on the leading smart contract platform. Accordingly, Santiment notes that Ethereum is witnessing a strong increase in active deposits, a metric that tracks the number of unique deposit addresses on an exchange active on a given day. According to Santiment, Ethereum reached 20,000 active deposits for the first time since November 2021, as investors turned their profits from the meme coin Pepe (PEPE) to ETH. Based on this, Santiment concludes:
Exchange addresses interacting on the network are currently at their highest level since November 2021. As expected, ETH is showing signs of divergence and is on the verge of breaking $2,000 once again.
Source: Santiment/TwitterLooking at the broader crypto markets, Santiment says digital assets are starting to show signs of divergence from the stock market. According to Santiment, crypto has remained relatively solid after the Fed’s recent rate hike. In this context, Santiment makes the following assessment:
As expected, the Fed increased interest rates by 25 basis points at the FOMC meeting. Interest rates were increased by a staggering 5% in 14 months as the US continued to struggle with inflation. Crypto’s correlation with these events has decreased. This is also a positive signal.
Source: Santiment/TwitterBNB techniques show a long-term bullish scenario
Binance’s native token, BNB, is in an uptrend that started in June 2022. Later, the token climbed to a peak of $397.9 in November 2022. It has since formed higher highs and higher lows. A support zone was formed between $264.7 and $304.5. BNB has had a great time in this region. Therefore, when the altcoin price breaks out of the zone, it indicates that the uptrend is continuing.
BNB price is currently above the 50-day and 200-day EMAs, two of the long-term Exponential Moving Averages (EMAs). The close resistance BNB is facing is $338, which has been a key resistance level for the past year. Also, equal lows at $360, 38.2% Fibonacci level at $379.9, November highs at $397.9, and equal highs at $397.9. If the altcoin price drops below the two long-term EMAs and enters the support zone, the bull thesis is invalid.
BNB 1-day price chartA definitive close below the uptrend line could signal a downtrend reversal on BNB.
This altcoin price could recover later now
MATIC has caused double-digit losses to its holders in the last thirty days. With the emergence of bullish catalysts in Polygon’s ecosystem, the Tier-2 scaling token may begin to recover. MATIC price is currently in an uptrend starting mid-June 2022. Also, the altcoin price is currently below the three long-term Exponential Moving Averages of 10, 50 and 200-days. Key resistances at $1.18 and $1.39 previously supported the token in the 2022 price rally.
MATIC 1-day price chartIf the altcoin price drops below the 23.6% Fibonacci level to $0.93, the bullish thesis is likely to be invalidated. Meanwhile, close support for MATIC is at $0.86.
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