Bitcoin is said to be the indicator of altcoins and their price volatility. But somehow some altcoins seem to be going their separate ways despite weakening market signals and Bitcoin’s current downtrend. Among them, there are two major altcoins silently preparing to completely change the trend on the chart. Is now the perfect time to buy them?
It is not surprising that ADA and LINK are the first coins on the verge of reversing the uptrend. As reported by Bitcoin Magazine, Cardano’s upcoming smart contract release for the Goguen era has attracted more attention. On the other hand, Chainlink has been successful with more than 1.4 new partners every day since the beginning of 2021. This shows that people have been optimistic for a long time and are only waiting for a trend reversal in the market.
To prove the above prediction, consider the Network Value to Transaction Ratio (NVT). As observed, there are extreme deviations on both the Cardano and Chainlink charts and is widely viewed as a trend reversal signal in favor of the upward move.
Difference between NVT Cardano and Chainlink rates | Source: CoinMetrics
In addition, on-chain development has always been strong for both networks. As the rise in the growth indicator over the past few weeks shows, this is a good indication of a bullish reversal in the future.
Developmental activity: ADA (red) and LINK (pink) | Source: Santiment
In addition, despite the lack of market movement, the coins have so far recorded a slight increase in volume. If the prices of these altcoins go up, the volume will inevitably skyrocket.
Volume: ADA (pink) and LINK (red) | Source: Santiment
According to the famous analyst Michael Van De Poppe, ADA is in a phase of consolidation. For now, $ 1 to $ 1.14 remains the main support setting a critical break of $ 1.31. Historically, it was necessary to keep an eye on $ 1.48 to understand the trend as price action tested this range and turned it into strong chart resistance.
LINK is also making lower highs and rejecting previous levels of support. You need to regain 49,000 sats to find lost momentum and take advantage of the indicators above.
Previously this year, the LINK price fell below its moving average (MA) for the first time. Another MA cross will be the push that LINK / BTC needs. Such a push could bring LINK to 60,000 to 74,000 sats.
Hence, you should limit your investment while the market continues to make lower lows on the chart to the point where a trend change is made. As soon as this happens, feel free to join. However, be careful and do your own research.
You can see the price of ADA and LINK here.
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
Minh Anh
According to AMBCrypto
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Italy's securities regulator, Consob, expands its crackdown on unauthorized trading websites, including crypto.
Crypto ETF collateral, specifically Bitcoin, will no longer carry collateral value for loans, subject to…
Starting April 30, 2024, the DTCC will assign zero collateral value to ETFs or investments…
Franklin Ethereum ETF's availability for creation/redemption signifies market access while the SEC decision is pending.
Phoenix Wallet US will be removed from app stores on May 3, 2024. Users should…
Yuga Labs reconstruction takes place for Otherside metaverse focus, involving layoffs and spin-offs.
This website uses cookies.