Top Altcoins to Watch Next Week: Chainlink (LINK), Astar (ASTR), and Binance Coin (BNB) Show Increased Buying Confidence.
Last week, the price of Bitcoin plummeted from around $43,000 to approach $40,000. While this decline has affected many altcoins, emerging altcoins such as Chainlink, ASTR, and BNB have seen increased buying pressure as capital moves out of Bitcoin and into these markets. As a result, demand for LINK, BNB, and ASTR is increasing, which could push prices higher in the coming weeks.
Altcoin dominance experiences decline
Last week, market sentiment turned bearish due to significant selling by large investors, which also affected the altcoin market. Altcoin dominance has decreased noticeably from a peak of 12.9% to 12.4%.
However, the cryptocurrency Fear/Greed Index has moved from an extremely greedy level of 76 to a more neutral 52, indicating that the previously overheated market has stabilized. This is a positive sign for the market as it could spark new buying interest. This change, along with Bitcoin’s declining dominance, could provide an opportunity for altcoins to perform better in the coming week.
Chainlink (LINK) Price Analysis
Bulls are aiming to increase their dominance by pushing LINK price towards the immediate Fib channel. However, the bulls’ efforts to initiate a surge in Chainlink are rejected as sellers are active above $16.5. At the time of writing, Chainlink price is trading at $16, a surge of more than 3.5% from yesterday’s price.
A surge in the 20-day exponential moving average (EMA) to $15.5 and the relative strength index (RSI) above the midline at level 56 suggest that the market is more likely to rise. If buyers want to stop the ongoing correction, they will need to push LINK price above the $17.5 level. Doing so could nullify the current bearish trend and start a bullish rally towards $20 and possibly even extend further.
However, a drop below the moving average will result in intense selling activity. As a result, LINK price may decline further and consolidate within the bearish zone of $13.
ASTR Price Analysis
Astar price has been on an upward trend recently after experiencing buying pressure near the respective resistance levels for several days. However, a slightly negative note is that the bears have successfully kept the price below the $0.18 level. At the time of writing, ASTR is trading at $0.175, up more than 5.5% from yesterday’s rate.
If buyers push the price above the resistance line of the rising channel, the ASTR price could surge to the $0.2 level. A more decisive breakout and close could signal the end of the bearish rally, potentially leading to further upside.
Conversely, if the price falls below the 20-day EMA, it indicates that bears are still actively selling during the price rally. This could increase the chances of the price falling to the channel’s support level.
Binance Coin (BNB) Price Analysis
BNB price is consolidating around the 20-day exponential moving average (EMA) of $315, but bears were unable to keep the price below the 0.023 Fibonacci retracement level. Therefore, buyers try to send the price above the resistance line. Currently, the BNB price is trading at $313, up more than 0.13% from yesterday.
If buyers keep the price above $320, BNB price could test resistance at $336. However, a rejection of $320 could cause prices to plummet next week.