Ethereum (ETH): Up 8% in a week without any signs of stopping?Litecoin (LTC): Price Efforts to Find DirectionChainlink (LINK): Stack0.2 Release and Its Market ImpactFinal idea: Another exciting week in the cryptocurrency industryDriven by regulatory approval for the highly anticipated Bitcoin Spot Exchange Traded Fund (ETF), Bitcoin and its cryptocurrencies began this week with a bullish trend
Ethereum (ETH): Up 8% in a week without any signs of stopping?
Litecoin (LTC): Price Efforts to Find Direction
Chainlink (LINK): Stack0.2 Release and Its Market Impact
Final idea: Another exciting week in the cryptocurrency industry
Driven by regulatory approval for the highly anticipated Bitcoin Spot Exchange Traded Fund (ETF), Bitcoin and its cryptocurrencies began this week with a bullish trend. The positive momentum continued over the weekend, with Bitcoin consolidating its dominant position with strong performance, rising 1% and confidently maintaining a position above 34000 points.
At the same time, Ethereum also experienced almost the same increase, hovering above the $1800 mark. The counterfeit currency sector has also joined the upward trend, with renowned participants such as LTC and Chain Link all demonstrating their presence with subtle but obvious gains.
Despite the current optimistic atmosphere, the volatility of cryptocurrencies suggests that both bullish and bearish scenarios may occur in the near future.
Ethereum (ETH): Up 8% in a week without any signs of stopping?
Ethereum (ETH) performed exceptionally well, briefly hitting $1821 today, with a growth of nearly 8% in the past week.
The asset is located between $1751 and $1841, seemingly in a critical area. In the past two weeks, investors have witnessed a 14.5% increase and a 51% increase since the beginning of this year, positioning ETH as one of the best performing major tokens during this period.
However, in any technical analysis, it is crucial to consider both sides of the coin. From a bullish perspective, if Ethereum (ETH) can maintain its current momentum and break through the $1841 level, it may target testing the next resistance level of $1871. This will be consistent with the ongoing positive trend and may be supported by increased investor enthusiasm in the cryptocurrency sector.
On the other hand, if ETH faces selling pressure, it may test the first support level of $1751. Breaking below this level may lead to a further drop towards the second support point of $1721, challenging the recent bullish trend.
Litecoin (LTC): Price Efforts to Find Direction
At present, the technical indicators of LTC depict a complex and unstable picture, oscillating between potential gains and losses. The price of the cryptocurrency fluctuates between $65.3 and $70.36, and the MACD oscillator stagnates at $69.07 for 3-10 days, indicating clear signs of market hesitation.
From a bullish perspective, if LTC can maintain its position and break through the resistance level of $70.36, it may target the level of $71.7, potentially reaching a one month high of $72.74. The recent price breakthrough above the 9-day moving average of $65.61 has further supported a positive trajectory, and maintaining above this level can serve as bullish confirmation. Nevertheless, traders must pay attention to the 13 week high of $96.72, which is a huge resistance level.
On the other hand, LTC has shown clear signs of fatigue after its recent bullish phase, increasing the likelihood of a trend reversal. If market sentiment shifts towards profit taking and escalates to widespread selling, prices may be about to undergo a significant adjustment. In this bearish situation, the support level of $65.3 becomes crucial. Falling below this level may lead to the Litecoin (LTC) seeking support at $63.96 and possibly further falling to $62.1, consistent with a 1-month low of $59.86. This potential downturn requires LTC holders to remain vigilant as it may quickly offset recent gains and bring volatility to the market.
Chainlink (LINK): Stack0.2 Release and Its Market Impact
Chainlink (LINK) is making headlines in the cryptocurrency world, largely thanks to the launch of Chainlink Stack version 0.2 (v0.2). The lightning acceptance of the first version did indeed demonstrate the enthusiasm and dedication of the LINK crowd, with investors joining in one after another. The maximum pool size for pledge is 45 million LINK, further highlighting Chainlink's commitment to enhancing its pledge function.
Technically speaking, LINK is crossing a critical area, oscillating between $10.758 and $11.871. This range is crucial as it may determine the short-term direction of Chainlink (LINK). The bullish momentum may be driven by increased interest in new collateral updates, which may push LINK beyond the resistance level of $11.871. If it breaks through this point, it may even challenge the 52 week high of $11.712, indicating strong upward momentum.
However, the inherent volatility of the cryptocurrency market means that bearish situations always lurk around the corner. If Chainlink (LINK) experiences a sell-off and falls below the support level of $10.758, it may find itself targeting lower levels, such as $10.301, or even targeting the support level of $9.973 in more bearish situations.
Final idea: Another exciting week in the cryptocurrency industry
This week cryptocurrencies have become popular! Due to the heated debate surrounding Bitcoin ETFs, Bitcoin appears to be robust, with Ethereum following closely behind. Even counterfeit coin gangs represented by LTC and Chainlink have joined this operation and achieved some encouraging results.
ETH and LTC are sitting on the seesaw, which may tilt in any direction, waiting for potential highs and lows. LINK has become the focus of attention due to its latest pledge news, surfing between key price points. There is a lot of hype, but due to the unpredictability of cryptocurrencies, they either follow the trend or are eliminated.
Therefore, as we overcame difficulties this week, we were all restless. Will the good times continue, or will the story take a turning point? One thing is certain: the drama of cryptocurrencies will never end.
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