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Bitcoin’s break through $58.2k could signal the start of increased gains in the altcoin sector. Momentum for IOTA was highly bullish, and Chainlink is expected to hit $33.4 and $35 in the coming days. After breaking above $150, Elrond formed an uptrend.
After showing a bearish divergence between the momentum indicator (MACD) and the stock, Chainlink fell from $35 to $30.84. This decline was also compounded by market-wide selling pressure sparked by Bitcoin’s one-day drop from $59,200 to $55,700.
LINK has regained the $31.38 level as support since then, and was selling at $32.5 at the time of publishing. A degree of resistance exists at $33.39, and momentum could be shifting bullish.
The OBV revealed that, since March 26, purchasing volume has exceeded selling volume, and the OBV has begun to rise. It had been in a downward trend since late February up to that point. Beyond $33.39, a supply zone of $34.8-$35.6 exists, making it a take-profit target for long positions.
IOTA saw a strong surge in early February, rising from $0.38 to $1.55 in three weeks. Since then, it has seen a retracement to $0.88 before recovering to settle under the $1.36 resistance, which it flipped to support in late March, and the $1.5 mark, which it has flipped to support this week.
IOTA was trading at $1.96 at the time of publication, back in an uptrend. The RSI was 68, and the Chaikin Money Flow was greater than +0.05, indicating nett capital flow into the industry.
For a recent move of IOTA, 23.6 percent and 38.2 percent extension rate offered expectations of $2.09 and $2.31 to take-profit at.
EGLD burst out of a descending channel in February, but was refused at $162 and forced to retreat to $119 once more. In the two weeks since, EGLD has risen from $119 to $189 at the time of publishing, with space for more gains.
The channel sets a technical target of $212 for EGLD to reach in the next few days. The Supertrend predictor indicated that EGLD could be purchased, but the Awesome Oscillator indicated that bullish momentum was fading even as EGLD hit new peaks.