Increased cryptocurrency market volatility could trigger a few tokens ready to explode, according to analysts. According to crypto analyst Sahana Vibhute, recent developments have increased the likelihood of a healthy altcoin season. In this context, the analyst takes a close look at 3 atcoins that are likely to start a 30 percent run.
First-ranked cryptocurrency: Chainlink (LINK)
LINK price rebounded from the rising support after remaining bearish for a while longer. However, bulls started to become active as buying pressure started to increase. After last week’s big rally, the cryptocurrency price continues to consolidate in a range. Does this suggest that the Bears are about to take over the rally?
The weekly chart of LINK price shows that the bears are trying hard to gain control over the rally. The Gaussian channel is turning bearish while the 50/200 day MA is trying to turn bullish again after a failed attempt a few weeks ago. However, the RSI remains high while the OBV levels show a small increase. This is a sign that traders are bullish on LINK. Moreover, the trade setup suggests that the next weekly candle could be strongly bullish, gaining more than 30% and reaching yearly highs near $25.
Arbitrum (ARB) comes in second place
Arbitrum started its trading journey on a downtrend after hitting highs. However, the cryptocurrency moved higher, reaching a new ATH of $2.4. Meanwhile, the token faced a major pullback, marking a bottom. It also followed a short consolidation followed by a healthy rebound. Currently, the ARB price is in the middle of a good bull trend with upper targets around $1.22.
ARB price has been testing the trend reversal zone just below $1 for the past few days. Unfortunately, the bears held the range. This suggests that another pullback is fast approaching. Also, the drop in buying volume is a sign that the MACD will undergo a bearish crossover confirming the bearish claim. Therefore, the ARB price could go back to $0.92, then rise above $1 and reach the upper resistance zone around $1.22 before the end of 2024.
Last-ranked cryptocurrency: Polygon (POL)
POL has maintained a healthy uptrend since the beginning of the month with a massive increase in buying volume. Moreover, the cryptocurrency has entered an important range that will stimulate a strong rise towards higher targets. Technical data is in favor of the uptrend. Therefore, it is possible that the price will soon rise and reach significant resistance.
After a major downtrend, the Polygon price started to rise. Now it is aiming to reach the important resistance. Meanwhile, the Gaussian channel turned bullish after being in a downtrend for more than 6 months. This suggests that the price is expected to remain high as the 200-day MA offers strong support to the price. Therefore, the price looks ready to move higher and reach the important range, the trend reversal level around $0.8 before the end of 2024.
The views and forecasts in the article are those of the analyst and are not investment advice. As Kriptokoin.com, we strongly recommend that you do your own research before investing.
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