chainlink price
Data shows traders rushed to buy altcoins during Bitcoin’s dip to $50K
published: 1 hour ago
Bitcoin price may be stuck in a rut but this hasn't stopped traders from loading up on LINK, BAND and Qtum.
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The flattening moving averages and the relative strength index (RSI) dropping below 52 suggest that the bulls may be losing their grip. Contrary to this assumption, if the price rebounds off the 50-day SMA, the bulls will make one more attempt to push the pair to a new all-time high. The bulls will then make one more attempt to drive the price above $2,150. This positive view will invalidate if the bears sink and sustain the price below the 20-day EMA. Such a move will suggest a possible change in sentiment and that could drag the price down to the trendline. If the buyers can flip $348.69 into support, then the BNB/USDT pair could start the next leg of the uptrend that could take it to $500 and then $530. On the other hand, if the price dips below $348.69, it will suggest that higher levels are attracting profit-booking from traders. If the price rebounds off this level strongly, the bulls will try to push the price above the moving averages. The failure of the bulls to push the price above the all-time high at $146.80 on April 5 and 6 could have attracted profit-booking from the short-term traders. That will open the chances for the bears to pull the price below the moving averages. If they succeed, the UNI/USDT pair could start its journey toward the next support at $22 and then $18. If the LTC/USDT pair rebounds off this level aggressively, it will suggest that the bulls are accumulating on dips. If they manage to do that, the pair could start its journey to $307.42. On the contrary, if the bears sink the price below the moving averages, the pair could drop to the support line of the triangle. If they manage to do that and push the price back above $32 within the next couple of days, it will suggest accumulation at lower levels. Conversely, if the bears sink the price below the moving averages, it will suggest that the recent breakout above $32 was a bull trap. If they succeed, the THETA/USDT pair could start the next leg of the uptrend that has a target objective at $17.65 and then $22.50.
