The global cryptocurrency market capitalization jumped 1.55 percent over the last 24 hours to $1.75 trillion. Bitcoin Price was trading at $39,090.12, marginally below the $40,000 mark on the morning of March 12. Major altcoins also showed signs of recovery.
While studying the current price levels for Bitcoin, a top crypto analyst is changing his opinion on the altcoin markets.
The current price of Chainlink is $13.3, with a trading volume of $605,040,192. Chainlink has been up 3.61% in the last 24 hours. At present, the $14.2 level serves as the strongest resistance for LINK with major support at $12.6.
If the altcoin price holds above this level, further the strongest resistance is present at $16.0, while the strongest support is present at $12.4. If the market breaks past either of these levels, it could indicate a major change in the trend.
Crypto trader Michaal van de Poppe tells his 575,000 followers in a new set of tweets that altcoins like Chainlink (LINK) are retaining greater time frame support against the US dollar (USD).
“I must say, some USD pairs of altcoins aren’t that bad at this stage, after this bounce. LINK, for instance; still holding [higher time frame] support.”
Although Ethereum price was lower on Friday, its price continued to trade close to the support point of $2,550 heading into the weekend. At the time of writing, ETH price is trading at $2565 in the last 24 hours. The resistance on the upside is at $2600 and the support is at $2500. Currently, The ETH bulls are defending the $2.3K-$2.4K support zone, while bears are protecting the resistance levels at $3K-$3.3K.
Van de Poppe forecasts months of lateral market swings before Ethereum (ETH), the dominant altcoin, can break to new highs. As per the analyst, Inflation could effect ETH price.
With the Bitcoin price reaching a low of $38,562 before the buyers of the dip broke back above the $39,000 support. Meanwhile, unless the king coin recaptures $40,000 in the near term, the bears could have the upper hand over the bulls, and BTC/USD may plunge significantly lower.
When it comes to Bitcoin (BTC), the most valuable crypto asset by market capitalization, Van de Poppe says he’s “not bullish” at the moment. The trader believes that Bitcoin is on the verge of making new lows.
“Bitcoin, on the other hand, followed this scenario. I’m not bullish below $46K.I believe there’s a good likelihood we’ll hit these lows.”
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