With the price of Bitcoin retesting its lower support level of $57,000 during the early Asian trading hours, the crypto market has recorded a significant outflow over the past day. Moreover, this has created a FOMO-like situation among investors regarding the short-term price action of the star crypto.
However, many investors are considering this to be a good opportunity to stack up more altcoins for the prolonged AltSeason which is expected to kickstart any movement.
Dive in as, in this article, we have covered the top 3 altcoins that have the potential to record a strong bullish recovery in their respective portfolios during the upcoming weeks.
Dogecoin Price Records Intensified Bearish Action
The DOGE price has dropped by 1.93% within the past day with a trading volume of $520.196 Million. Further, with a plunge of 18.89%, this memecoin is currently valued at $0.0968 and has secured the 8th position in the global crypto-list with a market cap of $14.123 Billion.
The EMA 50-day has constantly acted as a resistance to the DOGE price chart in the 1D time frame. Further, the RSI has displayed a downtrend. However, its average trendline shows a high possibility of a bullish convergence, suggesting a mixed price sentiment.
If the market pushes the Doge memecoin above its resistance level of $0.101, it will prepare to test its upper high of $0.127 this month. Conversely, if the bears continue to gain momentum, this memecoin will plunge toward its crucial support of $0.0780.
Chainlink Price Breaks Its Important Support Trendline
The LINK coin price has been constantly trading under a descending triangle pattern since June. Furthermore, it has plunged 12.31% over the past week and 15.11% during August. With a YTD return of (-)28.18%, it has claimed the title of the 14th largest cryptocurrency with a capital of $6.5 Billion.
The Moving Average Convergence Divergence (MACD) shows a constant decline in the green histogram with a high possibility of a bearish convergence. Further, the SMA records a bearish curve. This suggests that the price may continue losing value this week.
If the market regains momentum, the LINK price will break out of its resistance trendline and head toward its upper resistance level of $14 in the coming time. On the flip side, a bearish price trend could result in this altcoin testing a new yearly low.
Near Protocol Price To Test Its Crucial Support Level?
Despite increased price volatility in the crypto market, the NEAR price has dropped 19.62% over the past week. Furthermore, it has constantly recorded lower highs, indicating a rising bearish sentiment in the crypto market.
The technical indicators EMA 50/200-day and MACD have both recorded a bearish price action in the 1D time frame. This highlights an increase in the selling-over-buying pressure for the altcoin in the crypto market.
If the market holds the price of Near Protocol above its support of $3.70, the bulls will regain momentum and push the price toward its upper level of $4.925. On the contrary, if the bears overpowered the bulls, the NEAR crypto price would test its low of $2.615.
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