Altcoins That May Explode By the End of Q2 2023; LINK, AVAX, LRC
The post Altcoins That May Explode By the End of Q2 2023; LINK, AVAX, LRC appeared first on Coinpedia Fintech News
As the altcoins are gaining some traction, the possibility of a significant upswing may be on its way out. In such cases, the prices of altcoins are believed to leap forward regardless of the volatility of the price of Bitcoin.
Chainlink (LINK)
Chainlink price continues to remain stuck within the narrow regions that it began in early March 2023. The price is believed to advance within the consolidation phase as both buyers and sellers are slowly pushed toward each other. Moreover, the lower highs and lows are converging which signals a breakout to occur very soon.
Trading View
The LINK price is very close to the apex of the symmetrical consolidation, which is usually considered decisive. Meanwhile, the ADX, which signifies the strength of the rally, is slowly rising, indicating the price may undergo a bullish breakout very soon. Therefore, a notable upswing can be expected that may trigger a rally beyond $8.20 initially but also flashes the chances of dropping to $7.
Avalanche (AVAX)
The Avalanche price is also consolidating within an ascending triangle but has managed to breach the horizontal blockade at $17.78. The price has retraced lower due to the short-term bearish outlook and is currently trading along the interim resistance levels. If the bulls successfully maintain their strength, then the price may breach through the ascending triangle set up to hit $20, which may further attract retracement.
Trading View
Although the bullish outlook appears to be well in place, investors are required to pay close attention to the support levels at $17. A breakdown below these levels may invalidate the ascending triangle setup and also the bullish thesis for the Avalanche price.
Loopring (LRC)
A similar formation is witnessed with the LRC price in the short-term as the price has been forming equal highs and lows. An extended consolidation may indicate the LRC price is getting squeezed and may be advancing towards a decisive close. A close beyond $0.37 may confirm a breakout.
Trading View
In case the bulls fail to withstand the selling pressure, the LRC price may invalidate the bullish thesis. Moreover, if the price marks a low below $0.34, the market structure may make a huge shift in favor of the bears. In such a case, the LRC price may tumble down to a new low of $0.32.
Filed under: Bitcoin - @ April 6, 2023 3:21 pm