Bitcoin (BTC) relief rally broke above $38,500 on Jan. 29, but bulls are struggling to sustain higher levels. For the past few days, Bitcoin’s sentiment has closely followed the US stock markets. That’s why analysts warn traders to be careful and not to overeat potential weekend rallies when traditional markets close, as it could be a trap. So, what to expect in altcoin prices? Analyst Rakesh Upadhyay examined the prices of Chainlink (LINK), Helium (HNT), Flow (FLOW), Harmony (ONE) and shared his expectations. As Kriptokoin.com, we convey the details…
What to expect in the price of popular altcoin Chainlink (LINK)?
Chainlink (LINK) has been in the $15 to $36 range for the past few months. Several attempts to escape the range have failed, suggesting that bulls are buying at support and bears are selling at resistance. The bears pushed the price below $15 several times in the past few days but were unable to sustain lower levels. According to the analyst, this may have attracted buying from aggressive traders trying to push the price above the 20-day moving average of $18.91.
Upadhyay thinks LINK/USDT could rise to the 200-day average – $24.75 if the buyers are successful. Contrary to this assumption, if the price drops from the 20-day EMA, the bears will try to push the pair back below $15 and start a new downtrend. On the other hand, the 4-hour chart shows bulls pushing the price above the overhead resistance of $16.88. The RSI is in the positive territory, which indicates that the bulls have a slight advantage. If buyers hold the price above $16.88, the pair could start to rally to $20 and then $23. Conversely, if the price dips below $16.88, this will indicate that the bears continue to sell in the rallies. According to the analyst, after this, the pair could drop to $14 later.
Possible price movements in HNT/USDT parity
Helium (HNT) fell below its 200-day average ($26.67) on Jan. 21, but the bears were unable to sustain lower levels. The bulls aggressively bought the dip to $20 and pushed the price above the 200-day SMA on Jan. The recovery stalled at the 20-day EMA ($28.84) and the price declined. However, the bulls did not allow the price to drop below the 200-day SMA. The price has been trading between the moving averages for the past three days. However, this narrow-ranged trade is unlikely to continue for long, according to the analyst. Upadhyay thinks that as long as the price stays above the 20-day EMA, the HNT/USDT pair could rally to $36 and then to the downtrend line.
However, this prediction will be invalid if the price drops below the 200-day SMA. This could push the pair to $20. The price has broken out of the downtrend line, indicating that the bears may lose control. The bears tried to push the price below the 20-EMA but the bulls are trying to defend the support. The upside may gain momentum after the bulls push the price above $31, as this could signal a bottom. There is a minor resistance at the 200-SMA, but once this is cleared, the pair could start walking towards $40. Conversely, if the price dips below $26, the pair could drop to $24.
What are the analyst’s predictions for Flow (FLOW)?
For altcoin Flow (FLOW), which has been recording a bearish trend for the past few months, the analyst pointed out that the bears pulled the strong support below $6 on January 22. However, he stressed that the bears’ failure to realize their advantage indicates accumulation at lower levels. The bulls pushed the price above the breakout level and the 20-day EMA ($6.41) today. If they hold the price above the resistance level, it will signal a possible change in trend. The 20-day EMA is flattening and the RSI has rebounded into the positive zone, which indicates the bulls are in a reversal.
This positive view will be invalidated if the price drops from the current level and breaks below the $6 support. Such a move would indicate that the bears continue to sell aggressively at higher levels. The 4-hour chart shows that the price is facing resistance at the 200-SMA. Upadhyay points out that this is a critical level to watch out for because the previous recovery was interrupted at this resistance. If the price drops from the current level, the FLOW/USDT pair could drop to the 20-EMA.
If the price bounces back strongly from this level, it will indicate that the bulls are buying on the lows. Buyers will then make another attempt to push the pair above the 200-SMA. If they do, the pair could rally to the overhead resistance zone between $9.27 and $9.70.
What are the expected levels for Altcoin Harmony?
Harmony (ONE) is trading in a wide range between $0.16 and $0.36. The bears tried to push the price below the range recently but the bulls held their ground. The price has pulled back the support and the bulls will now attempt to push the ONE/USDT pair above the 200-day SMA ($0.19). If successful, the pair could rally to the 20-day EMA ($0.23), where the bears could form stiff resistance again. A break and close above the 20-day EMA could clear the way for a possible rally to $0.28. Conversely, if the price declines from the current level, the bears will try to push the pair below $0.16. If they can achieve this, it will signal the possible start of a new downtrend.
The 4-hour chart shows the formation of a symmetrical triangle formation, while the RSI is just below the midpoint, which shows the balance between supply and demand. The analyst says that if the altcoin price rises and stays above the triangle, the indecision could be in favor of the bulls. This could indicate a possible trend reversal and the pair could rally to $0.22 and later to $0.26. This positive view will be invalidated if the price drops and falls below the support line. Such a move would indicate that the triangle is acting as a continuation pattern.
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