Bitcoin (BTC) Bulls Maintain Pressure: Can Altcoins Keep Up?
The cryptocurrency market is abuzz with the possibility of Bitcoin (BTC) testing the stiff overhead resistance at $100,000 soon. Despite the strong recovery, the relief rally on January 2 was met with profit-taking by United States spot Bitcoin exchange-traded fund investors, resulting in $242.3 million in outflows.
Long-Term View Remains Positive
The hesitation to cross above $100,000 has not deterred the bulls from maintaining a positive outlook for the long term. According to various market analysts, the fundamentals remain strong, and the price is expected to break through the resistance level in due course.
Altcoins Face an Uphill Task
While the likes of Cardano (ADA), Chainlink (LINK), and Toncoin (TON) have shown signs of recovery, the altcoin market as a whole faces an uphill task in keeping pace with Bitcoin’s momentum. The chart analysis suggests that these coins will need to overcome significant resistance levels before they can truly join the party.
Cardano (ADA): A Sharp Turn-Up
One notable exception is Cardano, which turned up sharply on January 1 and saw its price push above the neckline of a head-and-shoulders pattern. This move has trapped aggressive bears, leading to a short squeeze that propelled the ADA/USDT pair toward $1.20.
Chainlink (LINK): Bounced Off Neckline
Another notable example is Chainlink, which bounced off the neckline of an inverse head-and-shoulders pattern. The up move is expected to face selling at the 20-day EMA ($22.64), but if the bulls prevail, the LINK/USDT pair could rise to $26.
Toncoin (TON): Bulls Trying to Recover
The bulls in Toncoin are trying to start a recovery, which is expected to face stiff resistance at the moving averages. If the price turns down from the moving averages and breaks below $5.40, it will signal that the bears remain in control. On the other hand, if buyers drive the price above the moving averages, it will signal buying at lower levels.
Conclusion
The cryptocurrency market is a complex and highly volatile space, where every investment and trading move involves risk. While Bitcoin’s momentum remains strong, the altcoin market faces an uphill task in keeping pace. As always, readers are advised to conduct their own research before making any investment or trading decisions.
Market Analysis:
- Bitcoin (BTC): The price is expected to test the stiff overhead resistance at $100,000 soon.
- Cardano (ADA): A sharp turn-up on January 1 has trapped aggressive bears and propelled the ADA/USDT pair toward $1.20.
- Chainlink (LINK): Bounced off the neckline of an inverse head-and-shoulders pattern, with a potential rise to $26 if the bulls prevail.
- Toncoin (TON): Bulls trying to start a recovery, which is expected to face stiff resistance at the moving averages.
Disclaimer:
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making any decision.
