With Bitcoin climbing $30,000, the altcoin market is poised for double-digit gains. In this article, you can find the next resistance levels of ADA, LINK, AVAX, OCEAN and AXS and the points that would be appropriate to take profits in an extreme bullish situation.
Could altcoin whales’ interest multiply Cardano (ADA) rally?
The volume of large Cardano transactions exceeding $100,000 is on the rise, according to data from IntoTheBlock. The trend emerging as Bitcoin approaches $27,000 shows that institutional investors and whales are increasing their engagement with the ADA. cryptocoin.com As we, we mentioned that the reason behind this demand may be Cardano’s work in the field of artificial intelligence.
While a spike in whale activity is generally considered a sign of price correction, the situation was more positive for ADA this time around. The altcoin is currently holding 12% gains from last week. Network development activities serve as the main catalyst for ADA.
Cardano has reached an important developmental milestone
Cardano developers at Input Output Global (IOG) shared that with version 1.35.6, ADA has become more decentralized. A recent tweet by the developers was calling on all Cardano Staking Pool Operators (SPOs) to join the testnet and test the speed and effectiveness of the new development update.
Interestingly, an important growth metric supports the bullish thesis for Cardano. Total Value Locked (TVL) in Cardano increased 20% year-to-date. Growing TVL does not take into account projects queued for launch on the ADA network.
The latest developments, including increased decentralization in the Cardano ecosystem and increased interest from institutions, are positive for ADA’s growth.
Chainlink price in the hands of stubborn altcoin bulls
Chainlink price is experiencing an increase in volatility after falling 10% on Wednesday. Although choppy movements seem to favor the bears, price action is highly supported alongside the green ascending trendline from March. With a few tests confirming the strength of the rally, it looks like more upside gains will be made very soon.
According to technical analysis, LINK price may bounce higher soon. This time it may succeed in capturing the 55-day and 200-day SMA at its peak. Once these two elements are made bullish and a supportive measure, the next stop is expected at $7.50. If the bulls can manage this last stretch, a gain of around 13% will be reserved.
A break below the green ascending trendline risks risks. In such a case, we can see that the bears are using the breakout as the short entry point and suffocating the bulls with sell orders. A quick bearish spiral could quickly direct price action to $6, which would mean a loss of about 8%.
AVAX price gives the green light in rebounding altcoin market
AVAX price declined yesterday after failing to break the $17.20 resistance. It then approached the critical support level of $14.91 at one point before recovering. It seems that further declines are expected, but looking at the price indicators, it becomes clear that a correction is necessary to start a sustainable recovery.
The RSI has started to rise near the neutral line at 50.0 and a translation of it to support will signal a possible upside in price. Therefore, in a bullish scenario, AVAX price could recover up to $17.20. Turning this level into a support base will also push the altcoin above the critical resistance level. A rally above this level could help push the monthly high to $19.60.
However, investors need to be alert to the danger of a downturn, in case macroeconomic conditions worsen the market panic. A break of $14.91 will invalidate the bullish argument and push AVAX price to $13.78, the December 2022 high.
Ocean Protocol price is on its way to $0.4618
OCEAN price restarted the uptrend with the bulls still in the lead. The rally was interrupted by a bearish bias on March 15, with the altcoin falling almost 9% to $0.3880. After the bulls successfully defended the 50-day EMA support level at $0.3781, a reversal finally started.
This momentum marks an uptrend that could lead to a rebound of $0.4618, which OCEAN last tested in February. An increase in buyer momentum from current levels could set the tone for such a climb.
In this regard, Ocean Protocol price will need to turn the $0.4211 resistance to support and use it to advance towards the $0.4618 resistance. Achieving this target means gains of 15.48% from current levels. In a very bullish situation, it could surpass this target and test the 0.5224 resistance, up 29.07%.
What do technical indicators say about altcoin?
On the indicator side, the RSI was moving up which means more buyers are engaged and there is less resistance on the upside. Price strength at 52 was also promising, pointing to more room on the upside.
Conversely, if the buyer momentum declines, Ocean Protocol price could decline below the $0.3783 support level. A daily candlestick close below this base invalidates the bullish argument. In such a case, OCEAN price could decline to $0.3319 or revisit the March 9 low of $0.3097.
In the event that the bears take full control, OCEAN price could slide back to $0.2942 or lower to $0.2461. A drop of this magnitude would hurt 38.96% from current levels.
AXS price is up 15% on this setup, targeting $9.40
Axie Infinity price is recovering after the recent market dips. Moving on the uptrend line in the four-hour time frame, the token has gained almost 8% in the last 24 hours. Such a technical formation is defined by the points HH and HL connected by a straight line. AXS could expand its market cap if it stays above this trendline.
The positive rally for AXS price saw the token break the $8.10 level. Axie Infinity is currently trading above $8.59. Turning the $8 region into support will consolidate the bullish situation in the short term.
Beyond the above-mentioned resistance, Axie Infinity price could climb to $9.02 or hit the $9.40 target in high bullish situations. Such a move represents a 15.12% climb from current levels. If buyer ambition remains strong beyond this target, Axie Infinity price could rally to the $10.66 resistance level last visited in February. This will mean a 31% gain from the current price.
AXS 4-hour chart analysis
Notice on the four-hour chart that there is a confirmed bullish crossover when the RSI (purple) crosses above the Stochastic RSI (yellow). Such a technical formation is often interpreted as a buy signal and if AXS bulls listen, Axie Infinity price could move up.
On the downside, if traders ignore the AXS buy call and start taking profits instead, they could lose the support cross at $8.10. Such a move could cause AXS price to slide below the uptrend line. A daily candlestick near $7.98 below this trendline could invalidate the bullish narrative.
In difficult cases, the downtrend could continue and send Axie Infinity price back to the $7.01 support level, which it bounced off on March 10. Such a move would mean a 13.96% drop from current rates.
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