The post Chainlink (LINK) & Avalanche (AVAX) Flash Bullish Signals While PEPE May Continue Plunging Down appeared first on Coinpedia Fintech News
The crypto space has been trading more or less flat for a week as the bigger tokens have faced slashed volume and volatility. In the meantime, some of the altcoins are also displaying strength and the possibility of a bullish breakout soon. One of the popular analysts, Michael van de Poppe, charts some of these altcoins and marks the next possible target.
Chainlink has been trading within pre-determined resistance and support levels, and after the recent rejection from the average levels, the price is heading toward the lower support. The bulls have been activated since the beginning of the month as the levels have maintained a stagnant trend. It could be a bullish sign, indicating the possibility of a bullish breakout.
The analyst marks two important support zones that may hold the price tight in the event of an extended bearish trend. However, the price may still undergo a bullish rebound, and in such a case, a breakout beyond $6.8 is paramount.
“Not showing much at this point, slight intra-day bounce, but needs continuation through breaking $6.85.
If that takes place, we can start seeing a rally towards range highs again.
Until then, focused on $6 and $5.5 for potential support areas,”
The Avalanche price is approaching the crucial support levels below $14, which is also the neckline of the double-top pattern. However, the price has triggered a rebound but has not yet been confirmed. The price has just risen above the loss-making area and is expected to procure significant profits in the coming days.
After withstanding massive bearish pressure, the price is now attempting a bullish rebound, similar to its previous attempt. The price surged gigantically high previously, and hence, a similar action is believed to replicate this time. If the same trend materializes, then the AVAX price may reclaim the lost levels beyond $17 initially and head to $20 later.
“This one is turning into a bullish divergence on higher timeframe support.
Nothing is confirmed as everything is tied to BTC, but reclaiming $14.80 would trigger strong confirmation on the bullish divergence for Avalanche,”
The PEPE price maintained a huge upswing soon after its inception and marked its highest point by surging more than 1000% in just a few days. However, the trend has flipped now and has been shifted in favor of bears. Therefore, the PEPE price is believed to maintain a fine descending trend that may compel the price to test the lower support.
The PEPP price recently underwent a rejection as the bulls appeared to remain passive. Moreover, the volume has also faded, which may fuel the bearish influence of crypto.
“This chart continues the downtrend, which means that every block of resistance is basically as area to short, just like the 160000 area.
I’d prefer to see that reclaimed if you want to long, otherwise short until 147000 and 115000 or even 85000,”
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