The cryptocurrency market did not witness significant changes over the weekend as Bitcoin traded slowly around $67,000, showing a modest 0.25% growth during the day. The neutral candles on the daily chart indicate uncertainty among investors, suggesting that the price might sustain above the recently breached level.
Ethereum Chart Analysis
Last week was quite productive for Ethereum, which saw an 8.8% increase, rising from the monthly support of $2878 to $3110. Currently, Ethereum’s market cap is $374 billion, and its 24-hour trading volume stands at $8 billion.
If the bullish momentum continues, Ethereum’s price could increase by 4% before challenging the main resistance of the falling wedge pattern. A breakout beyond this channel is crucial for buyers to lead a sustainable rise towards $4090. Conversely, Ethereum might extend its bearish trend until the channel pattern remains intact.
Chainlink Chart Analysis
LINK has been on the rise for five consecutive days, with its price increasing from $12.8 to $16.64, marking nearly a 30% growth. With a market cap of $9.78 billion, Chainlink maintains its position as the fifteenth largest cryptocurrency.
This recent surge broke the resistance trend line at $16, which had been showing a correction trend for the past two months. This breakout indicates a significant shift in market dynamics, and LINK’s price might consolidate above the reversed $16 support to stabilize the aggressive rise. If the uptrend continues, $18.6, $20.7, and $22.8 are key resistances to watch.
Bonk Chart Analysis
Analysis of the daily timeframe chart shows that BONK has developed an inverse head and shoulders pattern, with the neckline resistance at $0.00003. This week, the cryptocurrency recorded a significant 28.8% growth, rising from $0.0000214 to $0.000027.
With continuous buying, the cryptocurrency price is likely to break $0.00003, signaling the end of the previous correction. Bonk’s current market cap is $1.76 billion, with its trading volume increasing by $238 million since yesterday, reaching $692 million. A successful breakout will lead buyers towards a rise to $0.0000478.
