Members of the cryptocurrency market rebounded around 5% after the February 14 US CPI data. Meanwhile, 5 altcoins from the Binance listing, including high-volume cryptos, may be preparing for a rally.
Van de Poppe expects 3x in this altcoin that crosses the 200-days EMA and SMA
Michael van de Poppe, one of the popular cryptocurrency analysts, announced in a Youtube video yesterday that he is bullish on ChainLink (LINK). This is because the 200-day EMA on the LINK chart is on the verge of crossing the 200-day SMA.
The analyst noted that this transition resulted in 2x gains for LINK when it last occurred in 2019. As a result, if this crossover happens again, there is a chance that LINK price will rise up to 3x.
The LINK/USDT pair is currently trading at $6.90 on the daily chart, bouncing off the medium-term positive trendline over the past 24-48 hours. The basis for this bullish chart pattern will be the key $7,214 resistance level. According to Van de Poppe’s current LINK analysis, it should be watched closely for its reactions from the 200-day EMA and SMA lines throughout the week.
ETH’s positive mood returns, according to technical indicators
Ethereum (ETH) price started the new week under the dominance of sellers. Technically speaking, the upward and linear movement of the Keltner Channel with the upper band at 1574.54 and the lower band at 1534.02 indicates that the uptrend in ETH will continue in the short term and a bullish breakout high is likely. If ETH rises above $1574.54, the prospect of more upsides is significant as it is already approaching the upper band.
To maintain this potential, ETH needs to hold the support of around $1534.02. If it does, traders can expect a retest of the $1574.54 level followed by a bullish breakout with additional gains possibly targeting $1600 as the next major hurdle.
The Klinger Oscillator is fluctuating above the signal line at 561, indicating that the bullish trend will continue in the short term. With the Klinger Oscillator showing intense buying pressure, ETH bulls could break the $1574.54 level as the momentum for such a bullish breakout looks strong.
Technical analyst Kelvin Munene says the bulls need to break the $1,562.03 resistance for the rally to continue. ETH has currently slightly surpassed this level in the last 24 hours and is busy maintaining its position in the region.
Santiment drew attention to the altcoin approaching the top 100 list
Blockchain intelligence firm Santiment shared in a tweet this morning that FetchAI (FET) is ranked 102nd on its list of the largest crypto projects by market capitalization, after a more than 395% increase in price in 2023.
The tweet also shared that FET saw its biggest transaction in 567 days after $61.2 million worth of FET was transferred to an existing whale address. The tweet adds that the whale address that received the big FET transfer also has 224.46 million Ethereum (ETH).
The daily chart of FET/USDT shows FET price rising above the 9-day and 20-day EMA lines after yesterday’s positive US CPI data. Yesterday saw the price of FET break out of a short period of consolidation and soar to a daily high of $0.393.
In summary, daily technical indicators for the AI-driven altcoin continue to rise as the 9-day EMA crossed the longer 20-day EMA line yesterday.
Solana price may be ready to rally: Altcoin whales become active again
Solana (SOL) price is trying to recover after falling hard at the end of December. Solana’s price was trading in single digits at the time. However, SOL has seen a huge increase since then. Its price has increased by 76% in the last 60 days. In the meantime, it looks like the crypto whales have other plans.
According to data provided by WhaleAlert, crypto whales have been caught making some big transactions on exchanges. The whales have moved more than 15 million SOLs (worth about $328 million) in the last 24 hours.
Whale watching bots reported that an unknown address had accumulated 922k Solana (worth approximately $20.2 million) amid the recent price spike. On the market side, Solana price is up over 5% in the last 24 hours. SOL is trading around $22.40 at the time of writing.
Tron (TRX) manages to hold amid altcoin market sell-off
TRON continued its uptrend, recording the fifth consecutive green day since February 10, 2023. It posted higher highs on its chart and the bulls are relentlessly forcing the rally today. TRX is trading above the 50-day and 200-day SMA, confirming the uptrend. The 50-day SMA has approached and will likely break above the 200-day SMA, which could push the price higher.
Support levels are $0.06188, $0.06266 and $0.06421; resistance levels are at $0.06653, $0.06731 and $0.08666. The Relative Strength Index (RSI) 62.10 is near the 70 overbought zone. Also, the indicator points upwards, indicating a possible price increase in the coming days.
cryptocoin.com As we reported, the Tron community is reacting to Binance’s hikes in TRX withdrawals. The stock market soon stepped back from this practice.
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