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This Meme Cryptocurrency Could Surge 1,900% and It’s Not Dogecoin, Says Trader Tyler Swope

Crypto analyst and influencer Tyler Swope is naming the crypto asset that he believes will usurp Dogecoin (DOGE) and become the meme currency of the future. In a new video, Swope tells his 238,000 YouTube subscribers that he believes Dogecoin lacks the features that allow it to retain its relevance in the rapidly evolving meme […]

The post This Meme Cryptocurrency Could Surge 1,900% and It’s Not Dogecoin, Says Trader Tyler Swope appeared first on The Daily Hodl.

Itheum’s role in addressing the data needs of the AI era

Top 5 cryptocurrencies to watch this week: BTC, BNB, ADA, LTC, LINK

Bitcoin is still stuck in a predictable range below Binance Coin, Cardano, Litecoin and Chainlink have formed bullish patterns suggesting further upside in them.

Over the past week, several traders bought Dogecoin (DOGE) leading up to Elon Musk’s Saturday Night Live appearance as they expected a pump. However, the mention of Dogecoin during the monologue by Musk did not produce the rally traders were looking for and professional traders may have dumped their positions on novice traders who were expecting a breakout. 

Dogecoin dumped to an intraday low at $0.41 today, losing over 34% from the previous day’s close. Since then, the meme coin has been trying to stage a recovery and has risen to $0.54. The sharp fall in Dogecoin price shows that buying the hype, without any major fundamental reason, could result in stomach-churning volatility.

Crypto market data daily view. Source: Coin360

On the other hand, Ether (ETH) extended its up-move further, faltering just below $4,000, while Bitcoin (BTC) again fell short of the $60,000 mark, indicating strong selling on every minor rally. A few days of range-bound action in Bitcoin is a positive sign as it may set the stage for the next leg of the uptrend.

With Ether leading the altcoin charge, let’s look at the top-5 cryptocurrencies that may outperform in the short term.

BTC/USDT

Bitcoin broke above the downtrend line on May 8 but the bulls are finding it difficult to clear the hurdle at $58,966.53. The immediate support on the downside is at the moving averages. If the price rebounds off the 20-day exponential moving average ($56,387), the bulls will make one more attempt to push the price above $58,966.53.

BTC/USDT daily chart. Source: TradingView

If they succeed, the BTC/USDT pair could start its journey toward the resistance line of the ascending channel at $67,000. The price has turned down from the resistance line on two previous occasions, hence the bears will again try to defend this level. The momentum will pick up after the buyers push the price above the channel.

However, the flattish moving averages and the relative strength index close to the midpoint show a lack of bullish momentum. If the bears pull the price below the 20-day EMA, the pair could drop to $52,323.21.

A strong rebound off this level will suggest buying at lower levels and that could result in a range-bound action between $52,323.21 and $58,966.53 for a few days.

On the other contrary, a break below $52,323.21 may open the doors for a fall to the support line of the ascending channel and then to $46,985 where buyers may step in to arrest the decline.

BTC/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the bears are defending the $58,966.53 overhead resistance. If they can sink the price below the 50-simple moving average, the pair could drop to $55,000 and then to $52,323.21.

The flattish moving averages and the RSI near the midpoint suggest a balance between supply and demand. However, if the price rebounds off the current level and rises above $58,966.53, the pair could pick up momentum and rally toward the target objective at $65,012.18.

BNB/USDT

Binance Coin (BNB) is in a strong uptrend and the moving averages indicate the path of least resistance is to the upside. Although the negative divergence on the RSI is flashing a warning sign, the setup will not come into play until the price retreats and shows weakness.

BNB/USDT daily chart. Source: TradingView

If the bulls thrust the price above $680, the BNB/USDT pair may start the next leg of the uptrend that could reach $808.57. This positive view will invalidate if the pair turns down and breaks below the 20-day EMA ($592).

If that happens, the short-term traders may dump their positions, resulting in a decline to the 50-day SMA ($466). This is an important support to watch out for because the price has not closed below the 50-day SMA since Dec. 13, 2020. A break below $428 may signal that a top is in place.

BNB/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the pair is stuck between $600 and $680. The 20-EMA has started to turn up and the RSI is in the positive territory, indicating the bulls have the upper hand. If the bulls can push and close the price above $680, the pair may rally to $760.

Alternatively, if the price turns down from the current level and slips below the moving averages, the pair may correct to $600. A bounce off this level could extend the consolidation for a few more days.

ADA/USDT

Cardano (ADA) had been stuck between the $1 to $1.48 range for the past many weeks, before breaking out on May 6. This suggests the equilibrium between the bulls and the bears resolved in favor of the buyers.

ADA/USDT daily chart. Source: TradingView

That does not mean the bears have given up yet. They attempted to pull the price back below $1.48 on May 7 and today. However, the long tail on the day’s candlestick suggests the bulls have successfully flipped $1.48 into support.

If the buyers sustain the price above $1.74, the ADA/USDT pair could rally to $2 and then $2.25. This bullish view will nullify if the price turns down and slips below the 20-day EMA ($1.42). Such a move could trap the aggressive bulls, resulting in a drop to $1. A rebound off this level could keep the pair range-bound for a few more days.

ADA/USDT 4-hour chart. Source: TradingView

The moving averages on the 4-hour chart are sloping up and the RSI is in the positive territory, indicating the bulls are in control. If the buyers sustain the price above $1.75, the momentum may pick up.

Conversely, if the price turns down from the current level, the pair may drop to the 20-EMA and then to the $1.48 support. A bounce off this support could result in a tight range trading between $1.48 and $1.75. The short-term bullish sentiment may nullify if the bears sink the price below the 50-SMA.

LTC/USDT

Litecoin (LTC) has been trading inside an ascending broadening wedge pattern. Although the bears have been defending the resistance line of the wedge for the past few days, the positive sign is that the bulls have not given up much ground.

LTC/USDT daily chart. Source: TradingView

If the bulls can drive and sustain the price above $372.53, the LTC/USDT pair could start the next leg of the uptrend which could reach $400 and then $463.31. The rising moving averages and the RSI in the overbought territory suggest the path of least resistance is to the upside.

Contrary to this assumption, if the bulls fail to sustain the price above the resistance line, the short-term traders may dump their positions. That may result in a drop to the 20-day EMA ($298). A break below this support could open the gates for a decline to the 50-day SMA ($247).

LTC/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the pair is consolidating between $330.50 and $372.50. The bears have successfully defended the overhead resistance and are pulling the price toward the 20-EMA. If the price rebounds off this support, the bulls will make another attempt to resume the uptrend.

Conversely, a break below the 20-EMA could pull the price down to $330.50. A rebound off this support may extend the stay of the pair inside the range for a few more days. On the other hand, a break and close below $330.50 could signal the start of a deeper correction. The first support is at the 50-SMA and then $290.

LINK/USDT

Chainlink (LINK) is in an uptrend and it had hit a new all-time high at $51.96 on May 7. During a strong uptrend, corrections are shallow and the price tends to consolidate in a tight range before resuming the up-move.

LINK/USDT daily chart. Source: TradingView

The long wick on the May 7 candlestick showed selling at higher levels and that was followed by an inside-day candlestick pattern on May 8, indicating indecision among the bulls and the bears. However, the upsloping 20-day EMA ($42) and the RSI in the overbought zone suggest that bulls have the upper hand.

If the bulls can sustain the price above $51.96, the LINK/USDT pair could resume its uptrend. The next target objective on the upside is $66.74.

On the contrary, if the price turns down from the current level and breaks the $46 support, the pair may drop to the 20-day EMA. A strong bounce off this support will suggest the sentiment remains positive. However, a break below the 20-day EMA will indicate the short-term momentum has weakened and a drop to the 50-day SMA ($35) is likely.

LINK/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the price has broken out of the $46 to $50 range. This suggests the start of the next leg of the uptrend, which has an immediate target at $54. The 20-EMA has started to turn up and the RSI is above 67, indicating the bulls are in control.

However, if the price turns down and slips below $50, it will indicate the markets have rejected the higher levels. That may result in further selling that could pull the price down to the 50-SMA. A break below this level will suggest advantage to the bears.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Itheum’s role in addressing the data needs of the AI era

Top Analyst Unveils Bullish Targets for Ethereum and 3 DeFi Altcoins

Widely-followed crypto trader and analyst Smart Contracter is calling for big rallies in three DeFi coins, and remains bullish on Ethereum despite its recent gains. The analyst says that Ethereum has officially given traders the “God candle,” with its 71.1% rally in seven days. When it comes to ETH/BTC, Smart Contracter says now is not […]

The post Top Analyst Unveils Bullish Targets for Ethereum and 3 DeFi Altcoins appeared first on The Daily Hodl.

Itheum’s role in addressing the data needs of the AI era

WAVES price swells to new all-time highs, nearing $4B market cap

Real-world adoption and a growing DeFi ecosystem help lift the price of WAVES to a new all-time high.

Real-world adoption and the ability to service the needs of a wide range of industries are key qualities to have for blockchain projects that seek long-term viability in an increasingly crowded and evolving landscape. 

One cryptocurrency project from 2016 that has seen its price breakout to new highs in May is Waves (WAVES), a multi-faceted blockchain protocol that has seen significant growth in 2021 thanks to recent strides in decentralized finance (DeFi), nonfungible tokens (NFT) and real-world adoption.

WAVES/USDT 4-hour chart. Source: TradingView

Data from Tradingview shows that after hitting a low of $12.22 on April 25, the price of Waves has swelled more than 205% to a new all-time high at $37.61, with a record $1.24 billion in 24-hour trading volume leading to a 60% spike in price on May 3.

Real-world adoption ignites rally

The spark that led to the double-digit rally over the past week coincided with the announcement that Waves Enterprise had partnered with the Russian space agency Roscosmos to test a tool that utilizes blockchain technology in preventing intellectual property infringement.

Momentum for WAVES has continued to build following the Roscosmos announcement thanks in part to the ongoing promotion of the Wave EGG NFT campaign, which engages community members and allows them to do tasks to earn EGG tokens and mint unique NFTs.

DeFi on Waves has also seen significant growth as evidenced by the network’s Neutrino stablecoin protocol surpassing $1 billion in total value locked on April 29.

The spike in the price of WAVES on May 3 was preceded by the May 2 tweet from the decentralized oracle provider Chainlink discussing its WAVES/USD data feeds that can easily be integrated into DeFi markets.

Additionally, social sentiment has also surged in tandem with price, according to the latest data from TheTie. In fact, the long-term sentiment score has risen from 53 to 93 in less than a week alongside a similar spike in Tweet volume. 

WAVES long-term sentiment (light blue) vs. Tweet volume (dotted blue). Source: The Tie

With momentum still building due to active DeFi and NFT communities as well as real-world use cases catching the eye of governments and corporations looking to integrate distributed ledger technology, the WAVES protocol is a project to keep an eye on as blockchain adoption continues to expand into mainstream society.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Itheum’s role in addressing the data needs of the AI era

Data shows traders rushed to buy altcoins during Bitcoin’s dip to $50K

Bitcoin price may be stuck in a rut but this hasn't stopped traders from loading up on LINK, BAND and Qtum.

Bitcoin’s (BTC) recent downturn temporarily pulled its dominance rate down to 49.5% which is the lowest level since August 2018. This has led a growing number of traders to predict that altcoins will outperform Bitcoin in the short term.

Over the past few months, the price action from altcoins seems to be disengaging from Bitcoin. Take for example, Ether (ETH), which hit a new all-time high today even as Bitcoin price is down 20% from its all-time high.

Crypto market data daily view. Source: Coin360

The major factor that could have tilted the scale in favor of altcoins is the massive rise in the popularity of the decentralized finance space. New York Stock Exchange president Thomas Farley pointed out in an interview with CNBC that “DeFi exchanges are doing as much volume if not more than Coinbase today.”

Let’s look at the fundamentals and technicals of three tokens that have been on the rise in the past few months.

LINK/USDT

Chainlink (LINK) is one of the most popular decentralized oracle solutions. To support the rapid pace of innovation in the crypto industry, Chainlink outlined its vision for the future in its new whitepaper dubbed Chainlink 2.0 on April 15.

The whitepaper presents a new architecture for building hybrid smart contracts where second-layer networks called Decentralized Oracle Networks store and compute the data off-chain before feeding the input on the blockchain. This new concept could empower developers to build hybrid smart contracts quickly, similar to application programming interfaces (APIs) that developers build in the web world.

Another positive for LINK investors came as Grayscale announced the addition of the altcoin to its Digital Large Cap Fund on April 6. Although the allocation is only 0.87%, the inclusion could bring it into the focus of institutional investors.

On April 2 Polkadot and Chainlink announced that Chainlink’s price feeds woul be available as Substrate oracle pallet, enabling projects in the Polkadot ecosystem to integrate Chainlink oracles through a simplified library.

LINK is currently correcting from its sharp rise from $23.61 on March 24 to the all-time high at $44.33 on April 15. Although the price plunged below the moving averages on April 18, the bulls aggressively bought at lower levels as seen from the long tail on the day’s candlestick.

LINK/USDT daily chart. Source: TradingView

Since then, the bears and the bulls have been battling it out at the 20-day exponential moving average ($35.89). The bulls are attempting to defend the 20-day EMA support and launch the next leg of the up-move while the bears are trying to extend the correction by breaking the support.

The marginally rising 20-day EMA and the relative strength index (RSI) above 57 indicate a minor advantage to the buyers. If the bulls can push and sustain the price above $40, the LINK/USDT pair could retest $44.33. A breakout of this resistance could start the next leg of the uptrend, which could reach $50 and then $55.72.

This bullish view will invalidate if the bears sink and sustain the price below the 20-day EMA. Such a move could pull the price down to the 50-day simple moving average ($31.42) and delay the start of the next leg of the uptrend.

BAND/USDT

Band Protocol (BAND) was featured by Cointelegraph on Feb. 2 when its price was at $11.14. Since then the price h rallied to an all-time high at $23.30 on April 15, a gain of 109% in about two and half months.

The protocol announced on April 15 that its oracle data is live on Google Cloud Public Data, which can be used to build traditional, hybrid blockchain and cloud applications. Band said that the integration into Google Cloud Public Data was the first among many use-cases being explored with partners “to bridge traditional enterprises and blockchain applications.”

Band has continued to build partnerships to increase its market share. In the past month, it has announced partnerships with Krystal, Equilibrium, and Polygon. Additionally, one of the biggest financial institutions in Thailand, SCB 10X partnered with Band as a node validator.

BAND is currently trading inside a large range between $11.50 and $20.62. The bulls had pushed the price above the overhead resistance of the range on April 15 and 16 but they could not build up on the breakout.

BAND/USDT daily chart. Source: TradingView

This suggests that bears are active at higher levels. The sellers pulled the price back into the range on April 17, trapping the aggressive bulls. Long liquidations could be one of the reasons for the sharp fall on April 18 that momentarily dropped below the $11.50 support.

However, the positive sign was that the bulls aggressively bought the dips on April 18 as seen from the long tail on the candlestick.

After staying between both moving averages for the past three days, the BAND/USDT pair has broken above the 20-day EMA ($17.04) today. The pair could once again move up to $20.62 where the bears are again likely to mount a stiff resistance.

The flat moving averages and the RSI just above the midpoint suggest that the range-bound action may continue for a few more days. A breakout and close above $21 could open the gates for the resumption of the uptrend. The next target on the upside could be $29.74.

QTUM/USDT

Qtum (QTUM) was covered by Cointelegraph on Feb. 11 when its price was at $7.59. The token took off and made an all-time high at $20.72 on April 19, rallying 173% in just over two months.

The most eagerly awaited development is the transition from 128-second block average to 32-second block average that is expected to take place via a hard fork on April 30.

On March 31 Qtum founder Patrick Dai said that the protocol was working to enable smart contracts for Filecoin through the Qtum network. On the same day, Dai teased that non-fungible tokens are also making their way on Qtum.

QTUM’s Doji candlestick pattern on April 19 indicated that the uptrend could be losing steam. The short-term weakness was confirmed further when the price continued lower on April 20.

QTUM/USDT daily chart. Source: TradingView

The bulls are currently attempting to defend the 20-day EMA ($15.08). A strong bounce off this support will indicate that the sentiment remains positive and the bulls are accumulating on dips.

The buyers will likely try to push the price to $18.63 and then $20.72. A breakout of this resistance will signal the resumption of the uptrend.

However, the negative divergence on the RSI suggests the momentum may be weakening. If the bears sink the price below the 20-day EMA, the QTUM/USDT pair could slump to the 50-day SMA ($10.47) where the buyers may step in to stall the decline.

A strong rebound off the 50-day SMA could keep the pair range-bound for a few days while a break below the support will suggest the bears are back in the game.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Itheum’s role in addressing the data needs of the AI era

Chainlink and Several Low Cap Projects Poised To Go Parabolic, Says Crypto Trader Elliot Wainman

Popular crypto trader Elliot Wainman thinks Chainlink (LINK) and other, smaller-cap decentralized oracles are primed to explode in value. Wainman tells his 299,000 YouTube subscribers and 142,000 Twitter followers that LINK’s Bitcoin chart looks quite promising for the oracle network. He thinks a “full send” is coming to all low cap oracle projects. “If you […]

The post Chainlink and Several Low Cap Projects Poised To Go Parabolic, Says Crypto Trader Elliot Wainman appeared first on The Daily Hodl.

Itheum’s role in addressing the data needs of the AI era

Price analysis 4/16: BTC, ETH, BNB, XRP, DOGE, ADA, DOT, LTC, UNI, LINK

Bitcoin’s weakness and Dogecoin’s epic pump are signals that the market could be overheating and in need of a short-term correction.

Dogecoin’s (DOGE) massive rally to $0.45 propelled it to a market capitalization of over $54 billion to make it the fifth most valuable cryptocurrency by market cap.

This lofty market cap comes as a surprise to many since the project has no active developers and is only a meme coin, thus the current rally brings back memories of the excesses seen during the ICO boom in 2017.

Rallies like the one seen in Dogecoin indicate that several traders have entered the fray and are looking to get rich overnight. The only positive sign is that the mania has not spread to other coins. If it does, then the crypto markets are likely to witness a sharp correction in order to shake out the weak hands.

CNBC host Jim Cramer has become one of the first well-known people to reveal that he closed half of his Bitcoin (BTC) position. While Cramer’s selling is an isolated event, it does warn that not all professional investors who have recently turned Bitcoin believers are going to be long-term HODLers.

Daily cryptocurrency market performance. Source: Coin360

If the institutional investors rush to the exit, it could cause a huge correction in several cryptocurrencies. Traders should be mindful of irrational exuberance and avoid being sucked into FOMO-driven trades as it's better to stick to a trading plan and think long-term rather than dream of overnight riches.

Let’s study the charts of the top-10 cryptocurrencies to identify the critical support levels and outline various bullish and bearish scenarios.

BTC/USDT

The bulls could not capitalize and build upon the breakout of the overhead resistance zone at $60,000 to $61,825.84 on April 13. Bitcoin price turned down on April 14 after hitting an all-time high at $64,849.27 and the bulls are currently attempting to flip the $60,000 level to support.

BTC/USDT daily chart. Source: TradingView

If they manage to do that, the BTC/USDT pair may make one more attempt to resume the uptrend. A breakout of $64,849.27, could start the next leg of the uptrend that could reach $69,540 and then $79,566.

However, the negative divergence on the relative strength index (RSI) is warning of a possible correction. Interestingly, the price reversed direction when the RSI had reached close to the downtrend line.

If the price dips below the 20-day exponential moving average ($59,427), it will be the first sign that buyers may be losing their grip. The break below the 50-day simple moving average ($55,814) will further cement the view that a deeper correction is likely.

The bulls may attempt to arrest the decline near $50,460.02 but if this level cracks, the pair could drop to the critical support at $43,006.77.

ETH/USDT

Ether (ETH) extended its uptrend and hit an all-time high at $2,545.80 today. Profit-booking by traders pulled the price down to $2,300 but the long tail on the day’s candlestick suggests that bulls continue to buy on dips.

ETH/USDT daily chart. Source: TradingView

If the price recovers and the bulls push the price above $2,545.8, the ETH/USDT pair could start the next leg of the uptrend. The next target objective on the upside is $2,745 and then the psychological level at $3,000.

The upsloping 20-day EMA ($2,131) and the RSI near the overbought territory suggest the path of least resistance is to the upside. This bullish view will be invalidated if the price turns down and breaks below the 20-day EMA. Such a move could pull the price down to $1,925.10.

BNB/USDT

Binance Coin (BNB) formed a Doji candlestick pattern on April 14 and that was followed by an inside day candlestick pattern on April 15. Both these setups indicate indecision among the bulls and the bears. This uncertainty resolved to the downside today.

BNB/USDT daily chart. Source: TradingView

However, a minor positive is that the bulls are defending the 38.2% Fibonacci retracement level at $483.95, as seen from the long tail on the day’s candlestick. The bulls will now try to push the BNB/USDT pair above the all-time high at $638.56 and resume the uptrend.

Conversely, a break below $483.95 could pull the price down to the 20-day EMA ($437). A break below this support will suggest that the traders are rushing to the exit and that could result in a drop to the breakout level at $348.69.

XRP/USDT

XRP is currently correcting the sharp rally. The bulls are attempting to defend the first support at the 38.2% Fibonacci retracement level at $1.48, as seen from the long tail on the day’s candlestick.

XRP/USDT daily chart. Source: TradingView

The XRP/USDT pair may now consolidate between $1.48 and $1.96 for a few days before starting the next trending move.

A break above $1.96 could start the next leg of the uptrend that could reach $2.54. The rising moving averages and the RSI in the overbought zone suggest the bulls have the upper hand.

Contrary to this positive assumption, if the bears sink the price below the $1.48 support, the pair could drop to the 20-day EMA ($1.18). Such a move will suggest the bullish momentum has weakened and that could delay the next leg of the uptrend.

DOGE/USDT

Dogecoin’s momentum has been picking up since the past three days and that has resulted in the massive pump today. This shows that more and more traders are getting sucked into the trade due to FOMO.

DOGE/USDT daily chart. Source: TradingView

Usually, such buying frenzies end in a major top formation. After the last bull has purchased, the price reverses direction and the waterfall decline starts. It is difficult to predict a top during such a frenzy but the psychological $0.50 level may act as a hurdle.

The decline after the DOGE/USDT pair tops out is likely to be vicious. The usual 38.2% Fibonacci retracement level may not hold and the pair is likely to drop to the 61.8% Fibonacci retracement level at $0.20.

Traders should control the urge to get into such trades even at the risk of missing out on some profits.

ADA/USDT

Cardano (ADA) has been facing a tough battle between the bull and the bears near $1.48 for the past two days. Although the bulls managed to push the price above $1.48 today, the bears have been quick to pull the price back below the level.

ADA/USDT daily chart. Source: TradingView

After the third unsuccessful attempt to sustain the price above $1.48, the bulls seem to have dumped their positions today, resulting in the formation of an outside day candlestick pattern.

However, the long tail on today’s candlestick suggests the bulls bought the dips to the 20-day EMA ($1.28) aggressively. The bulls may now make one more attempt to drive the price above the $1.48 to $1.55 resistance zone.

If they manage to do that, the ADA/USDT pair could resume the uptrend and start the journey toward $2. Conversely, a break below the moving averages could offer the bears an opportunity to sink the price to $1.03.

DOT/USDT

The bulls pushed Polkadot (DOT) above the $42.28 level on April 13 but could not challenge the all-time high at $46.80. This shows a lack of demand at higher levels. The altcoin has dropped below $42.28 today and the bears will now try to sink the price below the 20-day EMA ($40).

DOT/USDT daily chart. Source: TradingView

If they succeed, the selling could pick up further as the bulls may rush to cover their positions. Such a move could sink the DOT/USDT pair to $32.50 and then to the critical support at $26.50.

Contrary to this assumption, if the price again rebounds off the 20-day EMA, it will suggest that bulls have not given up. They will make one more attempt to thrust the price above the $46.80 resistance and resume the uptrend.

LTC/USDT

Litecoin (LTC) is in a strong uptrend. The bears had tried to start a correction today but the bulls purchased the dips aggressively as seen from the long tail on the day’s candlestick. The reversal may have caught several aggressive bears on the wrong foot, which could be the reason for the pick-up in momentum.

LTC/USDT daily chart. Source: TradingView

The LTC/USDT pair has broken out of the target objective at $307.42, clearing the path for a rally to $374. However, the RSI above 76 signals caution because, in the past, the pair has repeatedly entered a correction when the RSI level reaches close to 80.

The critical support to watch on the downside is the 20-day EMA ($241). A break below this support will be the first sign that the bulls are tiring and a deeper correction is likely.

UNI/USDT

Uniswap (UNI) broke out to a new all-time high on April 15 but the bulls are struggling to sustain the higher levels. When the price fails to follow up higher after breaking out of a significant resistance, it indicates exhaustion.

UNI/USDT daily chart. Source: TradingView

However, the long tail on the day’s candlestick suggests the bulls continue to buy on dips. If the buyers can propel the price above the all-time high at $39.60, the UNI/USDT pair could rally to $43.43 and then $50.

On the other hand, if the price again turns down and breaks below the 20-day EMA ($32), several aggressive bulls who had purchased the breakout of $35.20 may bail out of their positions. The long liquidation could pull the price down to $27.97.

LINK/USDT

Chainlink (LINK) surged above the $36.93 overhead resistance on April 14, signaling the resumption of the uptrend. The altcoin hit an all-time high at $44.33 where profit-booking set in.

LINK/USDT daily chart. Source: TradingView

However, the long tail on the day’s candlestick suggests that the bulls aggressively purchased the dip to $38.52 today. This indicates that the sentiment remains positive and the bulls are buying at lower levels.

The buyers will now try to resume the uptrend by pushing the price above $44.33. If they succeed, the LINK/USDT pair could rally to $50.

Contrary to this assumption, if the price again turns down and breaks below the $36.93 support, the pair could drop to the 20-day EMA ($34). If this support cracks, the decline could extend to the 50-day SMA ($30).

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Itheum’s role in addressing the data needs of the AI era

Analyst Who Called Crypto Crash Says Five Altcoins Are Set To Outshine Bitcoin

Cryptocurrency analyst and YouTuber Benjamin Blunts is revealing five altcoins that he believes will perform better than Bitcoin. The cryptocurrency trader who called Bitcoin’s bottom after the 2017 then-record-high six months ahead of time, kicks off the list with Ethereum. “…if Bitcoin still continues up to $100k and beyond while this is happening, that’s just […]

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Itheum’s role in addressing the data needs of the AI era