The cryptocurrency market experienced little change over the weekend, with Bitcoin trading steadily around $67,000. The price showed a modest 0.25% growth throughout the day, and the neutral candles on the daily chart reflected investor uncertainty. However, there are indications that the price may remain above the recently breached level.
Moving on to Ethereum, it had a productive week, seeing an 8.8% increase from its monthly support of $2,878 to $3,110. Currently, Ethereum has a market cap of $374 billion and a 24-hour trading volume of $8 billion. If the bullish momentum continues, Ethereum’s price could rise by 4% and challenge the main resistance of the falling wedge pattern. Breaking beyond this channel is crucial for buyers to lead a sustainable rise towards $4,090. Conversely, if the channel pattern remains intact, Ethereum may extend its bearish trend.
In terms of Chainlink, it has been on a five-day rise, with its price increasing from $12.8 to $16.64, marking a growth of nearly 30%. Chainlink has a market cap of $9.78 billion, maintaining its position as the fifteenth largest cryptocurrency. The recent surge broke the resistance trend line at $16, which had been showing a correction trend for the past two months. This breakout signifies a significant shift in market dynamics, and Chainlink’s price may consolidate above the reversed $16 support to stabilize the aggressive rise. If the uptrend continues, key resistances to watch are $18.6, $20.7, and $22.8.
Lastly, analyzing the daily timeframe chart of Bonk, it has developed an inverse head and shoulders pattern, with the neckline resistance at $0.00003. This week, the cryptocurrency saw a significant 28.8% growth, rising from $0.0000214 to $0.000027. With continuous buying, Bonk’s price is likely to break $0.00003, indicating the end of the previous correction. Bonk currently has a market cap of $1.76 billion, and its trading volume has increased by $238 million since yesterday, reaching $692 million. A successful breakout will lead buyers towards a rise to $0.0000478.
Please note that the information provided in this article should not be considered investment advice. Cryptocurrencies carry high volatility and risk, and investors should conduct their own research.
