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Another day, another surge? The altcoin markets of Theta, Chainlink and Ethereum surged as the Bitcoin market saw the prices rallying higher. This surge pushed the altcoins into bullish territory, marking a reversal in trend evident on the charts.
Theta chart above indicates that the price was falling before an increase in uncertainty occurred. The digital asset’s price was hovering near support at $8.37 before an upward acceleration sent it over resistance at $10.82.
This expansion has moved the previously bearish market out of the way, making room for bulls to make a move. As the price checked resistance once more, the divergence of the Bollinger bands showed that the demand was extremely erratic, while the signal line indicated an upward trend.
Due to strong purchasing demand, the sudden rally has forced THETA into the overbought region, as shown by the relative strength index. As the coin rose in value, the MACD line crossed over the signal line, indicating a positive sector.
Chainlink’s [LINK] price has already managed to break free from its immediate resistance level of $32, and the digital asset is now priced at $34.73. The coin was saved from hitting the oversold zone by this unexpected surge, and it was now closer to the overbought zone.
With the market becoming more volatile, the price of LINK will begin to climb, but it will need to maintain a steady trading level in order to prevent another decline in value. As Connection reaches the overbought zone, we can see some price reversal. About the fact that the trend was in favour of the bulls, the price could reach $35 and challenge the support.
Ethereum [ETH], the second-largest altcoin, has been trading under support at $2,361 for a few days. However, as BTC rallied, the leading alt was saved from its bearish sector, and the stock exceeded different amounts of resistance. ETH was recently trading at $2,485 with a primary support level of $2,497 remaining.
The relative strength index showed that the commodity had entered the overbought region as demand interest for ETH grew. With more capital coming into the ETH market, the price will begin to rise until a correction occurs. Because the price increase was abrupt, the correction could be severe.