The crypto markets are gearing up for fresh price action as sentiments appear to have shifted in favour of the bulls. After a long wait, the Bitcoin price finally broke the $40,000 barrier for the first time since May 2022. The price has recovered from pre-Terra levels and seems to have risen despite all the negativity. Hence, the rally that is expected to begin could eventually break all the previous records.
The rise in the BTC price has been suggesting the start of a potential bull run. However, Bitcoin is expected to lead the rally and be a trillion-dollar asset. Meanwhile, these altcoins are believed to reclaim their position within the top 10.
Chainlink(LINK)
- The chainlink price has been trading within a rising parallel channel since the price broke above a double-digit figure
- The volume has risen to some decent levels, which may keep up the bullish momentum in the coming days
- A rise beyond $16 may certify a breakout from the ascending consolidation and trigger a strong upswing to reach the next resistance at $18
- The LINK price has displayed extreme strength in recent times. But to begin a fine rally, a minor pullback could be on the horizon, as the DMI is uncertain
Polygon (MATIC)
- Here is an altcoin which has displayed aggressive behaviour in recent times, with a huge influx of liquidity
- The consecutive bullish candles indicate the accumulated buying pressure that may keep up the bullish momentum
- The MATIC price is slowly scaling towards resistance; it failed to surpass around $0.96. However, the price may consume some more time than expected as the bears appear to have capitulated the rally at the moment
- The current trade set-up suggests the price may either break above the consolidation or chop around the levels for a while and trigger a fine upswing beyond $1 in the first few days of 2024
Avalanche (AVAX)
- The AVAX price has been closely consolidating within the resistance zone for nearly 4 weeks, displaying enough strength
- Despite a drop in volume, the bulls appear to have held a tight grip over the rally, due to which a notable rise may follow with a fresh influx of liquidity
- The price is currently trading above $22 and may soon reach $25, which may form a strong base to reach the crucial resistance at $30.
- Beyond these levels, the price may trigger a healthy upswing to higher levels that may pave the way to entering the top 10 crypto rankings.
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