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Altcoins are experiencing around a 5% increase at the time of writing, and BTC price is finding buyers close to its new peak. Although the ongoing buying activity is balancing out the profit sales, we have become accustomed to a correction period after every rapid increase or decrease over the years. Whether the same will happen now is unknown, but it is beneficial to look at key regions for three popular cryptocurrencies.
Dogecoin (DOGE)
At the time of writing, DOGE price was above $0.086 and continues the day with a 6.85% increase. DOGE, which has not attracted expected demand during the months of increase, is closely feeling the absence of whimsical billionaire Elon Musk for several quarters. If the price continues to rise gradually, resistance levels at $0.1 and $0.11 could be targeted in the coming days.
If DOGE loses its uptrend line, in this scenario, a return to the support area of $0.8 is likely.
Chainlink (LINK)
LINK Coin price is facing profit sales in the $20.85 region, which is reinforcing the resistance. At the time of writing, since it is finding buyers at $20.3, there is potential for the upward movement to continue, although the increase in the past few weeks has allowed more investors to profit.
If the strong uptrend continues, the price needs to break the resistance line within a few days; otherwise, we could see a drop to $17.32. However, targets of $21.79 and $25 remain valid above $20.85.
In a downturn, bears will aim to see closures below $18.09 to reverse the trend. If BTC price continues to close daily within the current range and consolidates here, an increase in capital inflow to altcoins can be expected, which would bring the anticipated buying support for the rise. This applies to most altcoins.
Polkadot (DOT)
The 50-day SMA was a tough resistance, but bulls managed to overcome $7.28 with the overall market sentiment’s recovery. Now, this rise increases the likelihood of the H&S formation failing. In this scenario, DOT Coin price could climb towards $8.58.
If we are to see a reversal of the rise, bears will need to push the price to close below $7.08. This could make a revisit to the $6 support area possible.
