In the past week, Bitcoin’s price fell sharply from around $43K, approaching the $40K mark. This decline affected many altcoins, but emerging ones like Chainlink, ASTR, and BNB saw increased buying pressure as capital shifted from Bitcoin to these markets. Consequently, there’s a growing demand for LINK, BNB, and ASTR, which could lead to their prices rising further in the upcoming week.
Altcoin Dominance Experiences A Decline
The market sentiment has turned bearish in the last week, influenced by significant sell-offs from large investors, which also affected the altcoin market. The altcoin dominance notably decreased from a high of 12.9% to 12.4%.
However, the crypto fear/greed index shifted from an extreme greed level of 76 to a more neutral 52, indicating a stabilization of the previously overheated market. This is a bullish sign for the market as this could bring a renewed buying interest. This change, along with Bitcoin’s reduced dominance, may provide an opportunity for altcoins to perform better in the upcoming week.
Chainlink (LINK) Price Analysis
Bulls are aiming to increase their domination as they push LINK price toward the immediate Fib channel. However, efforts by bulls to initiate a surge for Chainlink face rejection as sellers are active above $16.5. As of writing, Chainlink price trades at $16, surging over 3.5% from yesterday’s rate.
The surging 20-day Exponential Moving Average (EMA) at $15.5 and the Relative Strength Index (RSI) above the midline at 56 level hint that the market is more likely to move upward. If buyers aim to halt the ongoing correction, they need to push the LINK price above the $17.5 level. Doing so would negate any current bearish trend and could initiate a bullish rally towards $20, and possibly extend it further.
However, a drop below the moving averages will create intense selling activity. As a result, LINK price could drop further and consolidate within a bearish region of $13.
Astar (ASTR) Price Analysis
Astar price has been on an upward trajectory recently after gaining buying pressure near each resistance level for several days. However, a slight negativity is that the bears have successfully kept the price below the $0.18 level. As of writing, ASTR price trades at $0.175, increasing over 5.5% from yesterday’s rate.
Should the buyers manage to push the price above the ascending channel’s resistance line, the ASTR price might surge to the $0.2 mark. A decisive break and close above this could signal the end of any bearish rally, potentially leading to further rises.
On the flip side, if the price declines from the 20-day EMA, it would indicate that the bears are still actively selling during price rallies. This could enhance the chances of the price dropping to the channel’s support line.
Binance Coin (BNB) Price Analysis
BNB price is consolidating around the 20-day Exponential Moving Average (EMA) of $315, but the bears couldn’t keep the price lower than the 0.023 Fibonacci retracement level. Hence, buyers are attempting to send the price above the resistance line. Currently, BNB price trades at $313, surging over 0.13% from yesterday’s rate.
If buyers manage to maintain the price above $320, the BNB price might test the resistance at $336. However, a rejection at $320 might plunge the price next week.