- The Open Network (TON) could potentially initiate a strong rally if it surpasses the $2.07 resistance.
- LINK Coin may drop to $5.5 if it fails to break the $6.23 resistance.
- The performance of Bitcoin (BTC) will influence the targets of altcoins.
The current stagnation in Bitcoin’s price might persist for another week, which could potentially benefit altcoin investors. The focus here is on the expectations for TonCoin and LINK Coins.
Analysis of TonCoin’s Chart
TonCoin is on an upward trend, but sellers are trying to halt the rise at the $2.07 resistance zone. Both moving averages indicate an advantage for buyers, but overbought levels in the RSI suggest a minor correction or consolidation could occur. If the bulls remain strong, we might see a rally above $2.07.
However, a drop in BTC’s price or a move by TonCoin bears could result in a fall to $1.61. The 4-hour chart shows that bulls are buying the pullback to the 20-EMA. To signal the resumption of the uptrend, buyers need to push the price above $1.98.
Analysis of LINK Coin’s Chart
LINK Coin, a favorite in the long-term portfolios of analysts like Poppe, has not been performing as strongly as expected. The expansion of the targeted stake pool and flexible rewards in the medium-term program could boost demand again within a few months. Chainlink has been trading in a broad range between $5.50 and $9.5 for the past few months. Bears pulled the price below the range’s support on June 10, but they couldn’t sustain lower levels.
The LINK/USDT pair fell close to the range support on August 17, but as seen from the long tail on the day’s candlestick, bulls bought this dip. Buyers are trying to start a recovery but are facing resistance near the 20-day EMA ($6.23).
If bulls can push the LINK price above the 20-day EMA, we might see a move to the 50-day SMA ($6.94). However, a drop to $5.5 wouldn’t be surprising in the opposite scenario.
Of course, BTC’s movements will be decisive in these predictions. The king of cryptocurrencies has been quiet for days. Experts expect a fall to $22,000 in case of closes below $25,000. For positive scenarios to be valid in altcoins, the BTC price needs to surpass the $26,800 region and turn it into a strong support.
Conclusion
While the current market conditions might seem stagnant, opportunities for altcoin investors could emerge. The performance of TonCoin and LINK Coins will largely depend on the movements of Bitcoin. Investors should keep a close eye on these developments and adjust their strategies accordingly.
