Crypto Market Analysis 19/5: Altcoins Recovery Stalls as BTC Stabilizes at $67k
Crypto Market Analysis: The cryptocurrency market witnessed no major change on the weekends as Bitcoin traded sluggishly around $670000, showcasing a modest intraday 0.25% growth. While the neutral candles on the daily chart project uncertainty among traders, it’s likely projecting price sustainability above the recently breached level.
If BTC’s price managed to hold above $65000 in the coming days, the buyers would gain better confirmation to develop the current relief rally into a steady recovery. Amid the potential rally, the buyers can find suitable entry opportunities for altcoins like Ethereum (ETH), Chainlink (LINK), and BONK.
Also Read: Vitalik Buterin Names One Thing He Loves About Ethereum Ecosystem
1) Ethereum (ETH)
Ethereum, launched in 2015 by Vitalik Buterin, is a decentralized platform that enables developers to build and deploy smart contracts and decentralized applications (dApps).
This week has been notably bullish for the ETH, showcasing a price from monthly support of $2878 to $311, registering a jump of 8.8%. Currently, the Ethereum coin shows a market cap of $374 Billion and a 24-hour trading volume of $8 Billion.
If the bullish momentum persists, the ETH price could surge 4% before challenging the key resistance of the falling wedge pattern. A breakout beyond this channel is crucial for buyers to lead a sustainable run to $4090 high.
On a contrary note, the Ether coin could prolong its downward trend until the channel pattern is intact.
Also Read: Analyst Predicts Ethereum ETF to Trigger Major ETH Market Moves
2) Chainlink (LINK)
Chainlink (LINK) is a decentralized oracle network that connects smart contracts with real-world data, APIs, and traditional payment systems, ensuring that smart contracts can interact with external data sources securely and reliably.
The LINK coin has been rising for five consecutive days where the price jumped from $12.8 to $16.64, accounting for a nearly 30% growth. With a market cap of $9.78 Billion, the Chainlink coin maintains its position as the fifteenth largest cryptocurrency.
This recent upswing breached the resistance trendline which carried a correction trend for the past two months and the last swing high of $16. While this breakout signals a major change in market dynamics, the LINK price could consolidate above the flipped support of $16 to stabilize the aggressive rally.
If the uptrend continues, the $18.6, $20.7, and $22.8 stands as crucial resistance to watch.
Also Read: Chainlink Price Analysis: Whale Accumulation Positions LINK for $20 Breakout
3) Bonk
Bonk is a meme coin launched on the Solana blockchain. It aims to bring the fun and community-driven aspects of meme coins to the Solana ecosystem, similar to the role of Dogecoin in the broader cryptocurrency market.
An analysis of the daily time frame chart shows the BONK price is developing an inverted head and shoulder pattern with the neckline resistance at $0.00003. This week, the coin price went from $0.0000214 to $0.000027 registering a notable growth of 28.8%.
With sustained buying, the coin price is likely to break $0.00003 signaling the end of prior correction. The Bonk price currently holds a market cap of $1.76 Billion, while the trading volume since yesterday surged $238 Million to reach $692 Million.
A successful breakout will bolster buyers to lead a rally to $0.0000478.
Also Read: Bonk Price Prediction: Bullish Reversal Pattern Signals Upside Potential of 22%
Key Takeaway
The cryptocurrency market is currently witnessing a post-recovery consolidation— a period known as stabilizing the aggressive buying momentum. The Bitcoin price consolidation around $67000 has limited recovery movement in altcoins on weekends. If the BTC price manages to hold its ground above $35000, the market will witness a renewed recovery momentum.
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