In the Bitcoin and altcoin world, everyone is preparing for the bull season. Many investors are exploring cryptocurrencies. There are significant considerations for three cryptocurrencies. Let’s look at the details
Altcoin Chainlink development activity increases
Over the past three years, development activity of altcoin Chainlink has increased steadily. Accordingly, in terms of blockchain developer participation, Polkadot rose to the top along with Kusama and Cardano. This increase in development activities is noteworthy. Accordingly, it seems to have contributed to the recent recovery in Chainlink’s price.
Altcoin LINK witnessed a climb of around 4% from its intraday low on Monday. Accordingly, while writing the article, it reached the level of $ 6. Santiment, a crypto intelligence tracker, noted that Chainlink’s development activity has pushed it to the forefront of assets with the highest development participation, as well as other leading cryptocurrencies.
Centimeter data
Santiment’s analysis of development activities in the top 10 cryptocurrency projects is noteworthy. It also emphasizes an important point. Accordingly, the consistent updates that altcoin Chainlink makes to its blockchain network are beneficial. Accordingly, it reveals that it acts as a catalyst for the recovery in LINK’s price.
Despite the downward trend that started earlier on July 20, ongoing development work on the Chainlink platform is contributing to a positive price trajectory. Additionally, the LINK token supply on centralized exchange platforms remains relatively stable. All this shows that there is minimal selling pressure on the altcoin.
Altcoin Optimism is at a remarkable level
Altcoin Optimism price is approaching the critical resistance level at $1.33. Additionally, signals from the 50-day Exponential Moving Average (EMA) and price action point to the possibility of a recovery. However, current active addresses consist primarily of investors navigating gains and losses.
As of the last update, Optimism’s price is trading at $1.33. On the other hand, it is trading just below the key resistance level at $1.33. Successfully breaking through this level and turning it into support will trigger an upward momentum. Accordingly, the altcoin will push OP to reclaim the 50-day, 100-day and 200-day EMAs as support. On the other hand, the price will lead to a target price of $1.66 and beyond.
Downside risk
However, there is a risk of unsuccessful breakage. This will result in a pullback to test the three-month support at $1.06. Losing this support level will invalidate the bullish thesis. It will also cause investors to lose money. The main concern lies in the composition of active addresses. On the other hand, a significant portion of investors keep their altcoin OPs at price levels where they neither make a significant profit nor lose.
Any price recovery will prompt these investors to sell to avoid possible future losses. They will also cause selling pressure, especially among short-term investors. The long-term OP, who hasn’t moved for almost a month, seems less likely to be affected. Therefore, a recovery is possible. However, short-term selling remains a potential risk for the price of altcoin Optimism.
Altcoin Stellar is experiencing significant fluctuations
Stellar (XLM) has experienced significant price fluctuations in recent months. Accordingly, it consolidated into a triangle chart formation approaching its peak. Despite increasing social dominance and social volume, technical indicators point to a potential downtrend for XLM. The current price lacks a clear directional trend with the possibility of a break below the lower border of the triangle.
Key technical factors include Exponential Moving Averages (EMA). Accordingly, the 100-day EMA provides support at $0.120, while the 50-day EMA acts as resistance at $0.125. The Relative Strength Index (RSI) is falling, indicating that momentum is waning. Accordingly, this leads to XLM turning the 100-day EMA into a resistance level before breaking below the lower border of the triangle.
Positive indicators
On the positive side, the Awesome Oscillator (AO) is showing promise with the histogram bars moving towards positive territory. It also shows that bullish interest is increasing. However, to confirm an uptrend, altcoin XLM must break above the upper limit of the chart formation and establish a decisive daily candlestick close above $0.138. Accordingly, in a bullish scenario, potential gains will come to $0.1600.
Despite these technical indicators, social metrics stand out. It points to the increasing popularity of the altcoin XLM with its increasing social dominance and social volume. This indicates a potential increase in bullish momentum. In addition, this situation supports the upward movement of the cryptocurrency when we look at it as cryptokoin.com.
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