While the cryptocurrency market is turning its direction again in favor of the ‘bulls’, the Bitcoin price is leading the positive trend in the market. BTC surpassed the $40,000 level for the first time since May 2022, while Terra rose towards its pre-crash levels. Despite the setbacks in the cryptocurrency and financial markets, things are getting better. This is interpreted as the first signals of the expected rally.
The increase in BTC price indicates the beginning of a potential bull run. However, Bitcoin is expected to lead the rally and become a trillion-dollar asset. This increases speculation that many assets in the altcoin market may strengthen.
Chainlink (LINK)
Chainlink price has been trading within a parallel ascending channel since it broke above double digits. The volume is very close to some positive levels that may maintain the upward momentum in the coming days. A break above $16 could document a breakout from the ascending consolidation and trigger a strong rise to reach the next resistance at $18. LINK price has shown extreme strength recently. But to start a good rally, there may be a small pullback on the horizon as the DMI is uncertain.
Polygon (MATIC)
Polygon has been behaving aggressively with a large liquidity infusion in recent days, with consecutive bullish candles indicating accumulated buying pressure that could maintain bullish momentum. MATIC price is slowly climbing towards resistance but failed to break $0.96. However, the price may take a little longer than expected as the bears seem to have taken delivery of the rally at the moment. The current trading pattern suggests that the price could either break out above consolidation or hover around the levels for a while, triggering a subtle rise above $1 in the first few days of 2024.
Avalanche (AVAX)
AVAX price has been consolidating closely within the resistance zone for about 4 weeks and has been exhibiting sufficient strength. Despite the decline in volume, the bulls appear to be keeping the rally firmly under control, so a significant upside could be in store with a fresh influx of liquidity. The price is currently trading above $22 and it might reach $25 soon, which could form a strong base to reach the important resistance at $30. Beyond these levels, the price could trigger a healthy rally to higher levels that could pave the way for a break into the top 10 crypto rankings.