Crypto analyst David says Alchemy Pay is showing determined bullish signals. The analyst expects the altcoin price to rise further in the coming days. Moreover, the analyst predicts that Convex Finance will follow a strong uptrend. Analyst Sohrab Khawas says that the LINK price is on the verge of a breakout.
Alchemy Pay (ACH) price prediction: Altcoin may increase by 40%!
The altcoin price has been trading below a descending resistance line since it reached a local high of $0.045 on April 9, 2023. During this time, the price was rejected by the resistance line many times. It also reached a yearly low of $0.0127 on September 4. The price has been rising ever since. In this process, it broke above the resistance line on September 14. This indicates that the correction phase is over and a new bull trend has begun.
This view is reinforced by the fact that ACH has formed a bullish structure since the beginning of the uptrend. This is typically the basis of a new bull trend. The daily RSI indicator has also formed a bullish structure. Additionally, the RSI maintains levels above 50. This shows that the bulls are in control of the market. Therefore, it is possible that ACH price will continue to rise towards the nearest horizontal resistance at $0.023. Thus, it is likely to rise over 40% from the current price.
ACH weekly chart. Source: TradingViewConvex Finance (CVX) price prediction: A strong rise is possible
The altcoin price has been falling in a descending wedge formation since June 2022. The price repeatedly confirmed both the support and resistance of the wedge, confirming the validity of the pattern. Technically, a descending wedge is considered a bullish pattern. This means he will make a move. The fact that CVX is currently in the process of creating a false breakout below the wedge formation (blue ellipse) further strengthens this view. A false breakout is seen as a bear trap. Also, it usually leads to a strong bull trend afterwards.
The weekly RSI (Relative Strength Index) has moved up from the oversold zone. Moreover, it broke above the descending resistance line. Thus, it shows that the bulls are trying to make a comeback. Therefore, if the false breakout is confirmed, the altcoin price could rise to a key resistance zone at $4.2 formed by the horizontal resistance and the wedge resistance line. This level represents a 50% increase from the current price.
CVX weekly chart. Source: TradingViewChainlink (LINK) price prediction: Altcoin gives bullish signals
As you follow from Kriptokoin.com, LINK was the best performing altcoin in the crypto market last week. After LINK’s huge price fluctuation in the first half of the month, the altcoin price gained upward momentum. The token is currently trading in an ascending channel. Additionally, LINK price has recently formed a ‘golden cross’. This shows the possibility of the token gaining value in the coming days.
LINK price chart. Source: TradingViewThe RSI has been consistently above the midpoint for more than a week. Moreover, it is trading close to the overbought range. This indicates high buying and selling power. The MACD histogram also shows constant fluctuations. This indicates the possibility of large price movements. Additionally, the chart shows a bullish trend in its averages. Therefore, this indicates the possibility of a strong bullish price movement for the altcoin.
If the bulls gain strength and ignite the bullish momentum, it is possible that the price breaks out of the ascending channel and tests the $7,275 resistance level. Also, LINK will make a run if the price manages to hold the level. In this move, it will test the upper resistance level of $7,463 by the end of the month. On the other hand, if the bears take over the market and the trend reverses, the price will fall. This will soon cause it to test the $6.74 support zone.
The opinions and predictions in the article belong to the analysts and are definitely not investment advice. We strongly recommend that you do your own research before investing.
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