Markets Turn Red, While These Altcoins Display Huge Bullish Momentum, Will the Popular Tokens Follow?

By CoinPedia News
about 1 month ago

The post Markets Turn Red, While These Altcoins Display Huge Bullish Momentum, Will the Popular Tokens Follow? appeared first on Coinpedia Fintech News

The Bitcoin price has slumped by a decent margin of over 3% since the beginning of the week as the bears have been managing to restrict the rally below $65,000. With this, the majority of the tokens are facing extreme upward pressure. However, some of the tokens continue to hold some strength, which suggests the markets may soon recover and follow a notable bullish trend. 

Bitget Token (BGB) 

  • Bitget token has been trading within an ascending parallel channel ever since the price broke out from the consolidation in October 2023
  • Although the bears tried to restrict the rally, the recent flip from the average levels of the channel has raised the hopes of a bullish reversal
  • Currently, the token is experiencing a decent influx of liquidity, which is in favour of bulls, due to which the token is printing its third consecutive bullish candle
  • As the MACD is about to flash a buy signal, the price is believed to maintain a healthy upswing and retest the highs at $1.35, which may pave the way to reaching $1.5 by the end of the month

Waves (WAVES)

  • Similar to the other tokens, the WAVES price has been displaying enough strength since the beginning of Q4 2023, which has been maintained till now
  • However, the recent pullback has caused the price to break below the ascending trend line, which was acting as a strong support 
  • Although the bears are trying hard to reclaim the levels above the line, it appears that they are falling short of strength to some extent
  • Besides, the DMI is about to repeat a previous trend, which is expected to trigger a fresh upswing which may drag the levels back to $5 very soon

Injective (INJ) 

  • The INJ price was trading within an ascending triangle along with the upper resistance zone since the beginning of the year until the latest bearish pullback kicked in
  • The pullback caused the price to trade within a bearish flag as it consolidated for a while and reached the apex of the pennant
  • On the other hand, the RSI knocked the lower support and is trying to validate a rebound, while the DMI shows bearish signs. Hence, the technicals point towards a sideways trend without any major price action
  • Therefore, if the price breaks out of the pattern, it may rise to some extent but may not re-enter the triangle and maintain an ascending consolidation along the support. Otherwise, a pullback to $18.74 appears imminent.
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