Analyst Crypto World has discussed the current state of major cryptocurrencies, focusing on Bitcoin (BTC), Ethereum (ETH), and Chainlink (LINK). The analyst pointed out key support and resistance levels and potential price targets based on technical patterns.
Bitcoin is at a critical juncture, having experienced a 12% drop from its recent highs last month. The current focus is on the $40,000 support level, which holds historical significance. The analyst speculates on the possibility of a rebound like the past recoveries if $40,000 remains intact. However, a breach of this support could lead to the next level of around $30,000.
Technical analysis also points to a potential breakout scenario with a resistance level of $43,700. A confirmed breakout above this level could set the stage for a bullish move towards a price target of approximately $48,800.
Ethereum’s recent positive price recovery has sparked discussions about the potential to reach a new milestone in the coming weeks. The analyst notes the likelihood of a price correction before resuming an upward trajectory, stressing the importance of closely monitoring support and resistance levels. Key levels include $2,320 as resistance and $2,150 as support.
Ethereum also forms a symmetrical triangle pattern, with a breakout expected in the next 24 hours. A confirmed move above $2,320 could lead to a bullish price target of $2,600, while a break below $2,280 might result in a bearish target of $2,030.
Chainlink has recently experienced a significant breakout against the US dollar and Bitcoin. The analyst identifies an inverse head and shoulders pattern, suggesting a bullish move towards a price target of $20. However, caution is advised, considering the price has already experienced an increase.
Critical levels for Chainlink include $15.90 as a potential invalidation point for the bullish breakout and $17, along with $16.70 as support levels in case of a retracement.
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Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.