The cryptocurrency market has been witnessing a rally and many altcoins were currently seeing a sharp rise in value. However, the altcoin market appeared to be peaking and a correction seems imminent.
The above chart of Chainlink indicated the gradual movement of the coin towards the top. As the value of the digital asset is traded at $33.64, it has remained above its crucial support at $26.76.
The 50 moving average was way below the candlesticks and indicated that the price has been inflated and may require a correction to stabilize. Meanwhile, the momentum in the market appeared to be going strong.
The Relative Strength Index showed that the digital asset is now in the overbought zone.
The Uniswap market has been showing wave-like growth in the market. The digital asset has been moving higher since the beginning of 2020 but the value has been supported at $18.01. UNI has been trading at $21.55, at the time of writing.
The price has been moving sideways and has been trying to move higher. The signal line and the 50 moving average remained under the candlesticks indicating the bullish behavior of the market.
Interestingly, the Bollinger bands were apart signaling the increased volatility in the market. While the Relative Strength Index remained close to the overbought zone. The saturated market hints at a trend reversal coming in.
The Dogecoin market has been surging for no real reason. It was the hype that was pushing the price of the digital asset higher and was currently valued at $0.058, as $0.052 acted as the immediate support.
Despite the strong bullishness in the market, the trend reversal for DOGE has already begun. While the relative strength index has just dropped under the overbought zone, the MACD indicator was noting a crossover. Due to the lack of organic momentum in the market, it might be difficult for DOGE to hold on to its present high value.