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.
Thetaย
Source: THETAUSD on TradingView
The Theta chart above shows that the price was faltering until an upwards volatility kicked in. The digital asset’s value was treading near support at $8.37, when an upward surge bolstered the price to face resistance at $10.82.
This growth has pushed the previously bearish market out, allowing space for bulls to make a move. As the price tested resistance once again, Bollinger bands’ divergence indicated that the market was highly volatile whereas, the signal line was noting an upwards trend.
The sudden surge has pushed THETA in the overbought zone due to great buying pressure, which was indicated by the relative strength index. As the coin rallied, MACD line also crossed over the signal line suggesting a bullish market.
Chainlink [LINK]
Source: LINKUSD on TradingView
Chainlink’s [LINK] price has also managed to break away from its immediate resistance at $32 and the digital asset was trading at $34.73. This sudden surge rescued the coin from entering the oversold zone, and it was now closer to the overbought zone.
With the market opening up to more volatility, LINK price may continue to rise, but it may need to establish a stable trading level to avoid another drop in value. We may see some correction for LINK’s value as it enters the overbought zone. Even though the momentum was siding by the bulls, the price may hit $35 and test the support.
Ethereum [ETH]
Source: ETHUSD on TradingView
The second-largest altcoin, Ethereum [ETH] has been trading under support at $2,361 for a couple of days. However, as BTC rallied, the premier alt was rescued from its bearish market and the price surpassed various levels of resistance. ETH was currently trading at $2,485 while another key resistance remained at $2,497.
As buying pressure for ETH increased, relative strength index indicated that the asset had reached the overbought zone. With more money flowing in the ETH market, the price may continue to trend higher unless a correction sets it. Since the price rise was sharp, the correction might also be drastic.
