The altcoin market is bustling again, with Bitcoin once again surpassing $21,000. This recovery rally is led by Ethereum, which has gained 12% in the last 24 hours. In this post, let’s look at the next levels for MATIC, BNB, AVAX and LINK with technical commentary from analyst Sahana Vibhute.
MATIC, BNB, AVAX, LINK price analysis: Altcoin market ready for big moves
Polygon (MATIC)
The price of Polygon (MATIC) has successfully recovered from critical support levels. It is currently trading 38% above the $0.53 bottom zone. MATIC price tested the $0.733 zone several times. It broke that level strongly on July 17. However, the bulls are still in a strong position. This momentum helps the price break the current levels quickly.
MATIC price currently needs to stabilize within critical support and resistance levels. If the bears intensify their efforts, they will try to pull the price into the critical range of $0.51 and $0.54. A close above $0.8 is needed for MATIC to confirm it is on the bulls’ side again.
Avalanche (AVAX)
AVAX price is currently trading inside a symmetrical triangle. It broke the $19 and $21 levels, which are critical resistance zones for the last 24 hours. However, the price is still under bearish pressure. A possible decline will meet the $17.94 support level for AVAX price.
cryptocoin.com As we have mentioned in our analysis, AVAX price is structurally used to rapid rises from lows. The 200-day MA line could be the right zone for this bottom. The next wave will be the recent price movements within the triangle. AVAX is poised to rally to reach $22 from here. However, the downside trend will partially stop if it persists above $27. Thus, it will open the door for the bulls to reach higher highs.
Binance Coin (BNB)
On the other hand, BinanceCoin price has been moving in a parallel channel for about a month. As a result, it managed to break the last rejection strong at $240.3.
BNB price is trading in an area that is likely to stabilize. However, there are chances of a gradual decline before testing the critical support at $200. Bulls will be available to buy from this region. With a possible reaction, BNB price could bounce back to the key $216 support level. On the other hand, the analyst thinks that this momentum will continue for a while as the BNB price has already broken $250.
Chainlink (LINK)
Chainlink’s price has dropped significantly since losing $7.35 in June. Also, a fresh decline took the price further down after meeting resistance at $6.4 while it was in recovery mode. Altcoin price is a bit pessimistic at the moment, but it is about to make a significant comeback.
The analyst expects the LINK price to fluctuate to the $6.29 and $6.97 levels in the coming days. In case of a significant price drop, LINK price will refund some of its gains. Then he will wait for the bulls to take the stage for a strong recovery. This will help the price break through the nearby resistance and reach levels near $7.
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