Chainlink (LINK) and Avalanche (AVAX) Break Downtrends: Top Altcoins to Watch
The post Chainlink (LINK) and Avalanche (AVAX) Break Downtrends: Top Altcoins to Watch appeared on BitcoinEthereumNews.com. The first signs of a sizable bounce could be emerging from Bitcoin and the altcoins. With Bitcoin dominance looking weak, the altcoins could be primed to bounce harder. Chainlink (LINK) and Avalanche (AVAX) are among the first to break their downtrends. $LINK continues strong uptrend Source: TradingView $LINK hasn’t broken its downtrend because it isn’t in one. In fact, the latest uptrend is in full swing since 3 August, and a main uptrend has been in force since 22 June. In this time, the $LINK price climbed as much as 145%. On Wednesday morning this is continuing, with a more than 6% increase so far on the day. Although the daily Stochastic RSI indicators are now falling, the shorter-term indicators are near the bottom. Momentum could go one way or the other as it stands. $LINK close to high time frame breakout Source: TradingView In the weekly chart it can be observed that $LINK is very close to a high time frame breakout. If this does take place it would be extremely bullish. In fact, the above pattern could be called a cup and handle, which, if it played out, could take the $LINK price to $61. While the Stochastic RSI indicators are very near the top, the RSI indicator still has plenty of room left and has not broken into overbought territory yet. At the bottom of the chart, the MACD is looking very bullish for a continued upside move. $AVAX breaks recent downtrend Source: TradingView The $AVAX price has just broken above the recent downtrend. While it has formed a lower low than previous small downtrends, this would be a higher low for the main uptrend. At the bottom of the chart, the Stochastic RSI is angled up sharply, potentially signalling the upside momentum that could take the…
The post Chainlink (LINK) and Avalanche (AVAX) Break Downtrends: Top Altcoins to Watch appeared on BitcoinEthereumNews.com.
The first signs of a sizable bounce could be emerging from Bitcoin and the altcoins. With Bitcoin dominance looking weak, the altcoins could be primed to bounce harder. Chainlink (LINK) and Avalanche (AVAX) are among the first to break their downtrends. $LINK continues strong uptrend Source: TradingView $LINK hasn’t broken its downtrend because it isn’t in one. In fact, the latest uptrend is in full swing since 3 August, and a main uptrend has been in force since 22 June. In this time, the $LINK price climbed as much as 145%. On Wednesday morning this is continuing, with a more than 6% increase so far on the day. Although the daily Stochastic RSI indicators are now falling, the shorter-term indicators are near the bottom. Momentum could go one way or the other as it stands. $LINK close to high time frame breakout Source: TradingView In the weekly chart it can be observed that $LINK is very close to a high time frame breakout. If this does take place it would be extremely bullish. In fact, the above pattern could be called a cup and handle, which, if it played out, could take the $LINK price to $61. While the Stochastic RSI indicators are very near the top, the RSI indicator still has plenty of room left and has not broken into overbought territory yet. At the bottom of the chart, the MACD is looking very bullish for a continued upside move. $AVAX breaks recent downtrend Source: TradingView The $AVAX price has just broken above the recent downtrend. While it has formed a lower low than previous small downtrends, this would be a higher low for the main uptrend. At the bottom of the chart, the Stochastic RSI is angled up sharply, potentially signalling the upside momentum that could take the…
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