Bitcoin’s drop to $28,000 led to losses of over 5% in the altcoin market. Technically speaking, today’s price correction leads to support levels that will be a strong start for LINK and certain coins. Current analyzes and price forecasts are as follows…
Egrag Crypto shared the altcoin project, which he called ‘historic opportunity’
Crypto analyst and trader Egrag Crypto suggested that XRP’s price below $1 could be a unique opportunity for investors. The analyst says that XRP could retest the Fibonacci point at 0.382, which corresponds to a price of $0.40. He also notes that the Stochastic Relative RSI is showing bearish signals, implying that XRP may be trading in a range for a while.
The crypto analyst is keeping a close eye on the RSI data to better understand the potential trajectory of XRP. Based on the RSI, he predicts XRP could gain momentum and reach the $0.60 price point.
#XRP Equilibrium (Short-Term):
General Overview: #XRP broke the 0.50c on the daily which is something not nice but nothing to worry about so far.
Let us wait & see the weekly close.
As long as the Equilibrium range is not broken, nothing to worry about.
Observation &… pic.twitter.com/lS0UO2UjYY
— EGRAG CRYPTO (@egragcrypto) April 21, 2023
Signs of weakness and rally potential
Although XRP recovered from $0.50 on April 18, it struggled to break through the hurdle at the resistance line and showed signs of weakness in the short term. Buyers tried to stop the decline at the 50% Fibonacci retracement level at $0.47, but any recovery effort is likely to face significant selling pressure between the resistance line and $0.58.
On the other hand, Chainlink (LINK) showed slight signs of recovery after the drop during the same trading hours. The support it found around $8 represents a strong starting point according to technical analysis.
Chainlink (LINK) recovers slightly after drop
Chainlink has shown some positive price action over the past week. However, as of yesterday, the price action was not promising as the token fell below the $8 price mark. Based on the data on the 1-day chart, LINK has created a long red bar.
The bearish price action brought the price to a new support level of $7,482144, which was formerly a resistance level until the last breakout. The price is currently holding this support level.
LINK’s price drop can be attributed to the broader crypto market momentum on April 19. Major cryptocurrencies, including Bitcoin and Ethereum, fell significantly throughout the day. Meanwhile, the market has rebounded slightly after yesterday’s slump.
What’s next for LINK? What levels are altcoin bulls aiming for?
Chainlink price is currently above the 50-day and 200-day Simple Moving Averages (SMA), feeling more bullish than bearish. While the RSI is still neutral at 54, there may be more buying pressure over time given the market’s current bullish sentiment.
Besides, it formed a new support level at $7,748 after it broke from this position a few days ago. For now, a notable resistance level is at $8,398, while other support levels are at $7,7482144, $6,4398324 and $5,9064793.
This metric marks the trend change for CHZ price
On-chain analytics firm IntoTheBlock took a look at Chiliz’s blockchain activity in a recent thread of tweets. It is stated that there has been a significant increase in transactions compared to the previous week, especially in large transactions ranging in size from $10,000 to $1 million.
According to the data, a larger movement was noticed on the network towards the end of March, with around 10,000 transactions in a single day. According to this activity, the majority of the addresses that have a balance have made transactions today in the last two years. It is stated that these transactions may be tied to the plug-in mainnet news or that the whales may change their assets.
3/ Let's evaluate on-chain metrics like transactions and holder composition. There has been a large spike in transactions over the last week, related mostly to larger transactions, from $10k to $1M. These transactions could be related to the mainnet or whales moving their assets.
— IntoTheBlock (@intotheblock) April 20, 2023
IntoTheBlock states that no matter which of the above-mentioned reasons apply to large trades, the trend in large trades may herald significant price movements in the near term.
12.58% of altcoin investors buying CHZ are in profit
According to the data, at the end of March, the number of CHZ investors decreased while whale dominance increased, indicating a consolidation of a large owner. As cryptokoin.com quoted, the interest of whales coincided with the recent launch of Chiliz 2.0. The price recovery in April gave altcoin investors a sigh of relief.
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