The crypto space appears to have benefited from the FED’s recent 25 basis point hike in interest rates. The bitcoin price has attracted significant gains since the early trading hours as it trades close to one of the major resistance levels at $29,500. While the weekly close approaches, followed by the monthly close, volatility may rise, pushing the price above the critical resistance level of $29,800.
Besides, the dominance of Bitcoin continues to drop, which coincides with the sluggish trend of the star crypto. Hence, the expectation of an altseason rises, which suggests it may be a good time to buy alts. The price of Bitcoin remains stuck within a rising wedge, which suggests a higher probability of the price going down, which certainly has plenty of time. In the meantime, top altcoins, BinanceCoin (BNB) and Chainlink (LINK) appear to be on the edge of a massive explosion.
Binance Coin (BNB)
Binance’s coin price is testing an area that proved to be extremely strong in several cases. Every time the price tested the $225 region, it was followed by bullish price action. Therefore, if a similar price action follows at the moment, then the next target could be mapped at around $325 to $335, with a nearly 40% to 50% jump. Therefore, the long trade could be placed around $232.5, with the first target at $258.3, followed by the higher targets as mapped on the chart.
Chainlink (LINK)
Over the last year, LINK has been trading very steadily between $5.5 and $9. With the price currently trading around $8, the major question is whether the price can break above the resistance this time, after multiple failed attempts. Therefore, a daily close above $10 could confirm a bullish breakout. Considering the LINK price, which has been trading sideways for nearly a year, an explosive move could be on the horizon.
