- Altcoin market gains strength as Bitcoin dominance declines, signaling potential altseason.
- Chainlink, Cardano, and Hedera show bullish momentum but need volume for confirmation.
- Ethereum and XRP face resistance, while Litecoin struggles with declining market demand.
The cryptocurrency market is starting to look like the altseason is near and a few of these popular altcoins seem to make this evident through their bullish price action.
Supporting this trend is the Bitcoin dominance (BTC.D) factor that has begun to decline. This decline in Bitcoin dominance in what’s turning the market’s interest back on to these altcoins.
Specifically, the altcoins seeing the most attention are:
- Chainlink (LINK)
- Cardano (ADA)
- Hedera (HBAR)
- Sui (SUI)
- XRP
- Litecoin (LTC)
- Ethereum (ETH)
- Ondo (ONDO)
And because of this, traders are closely monitoring key support and resistance levels for these major assets elaborated below:
Chainlink (LINK) Price Momentum Builds Towards Breakout
LINK is currently trading at $18.25, reflecting a 2.46% gain in 24 hours.
Looking at recent price action, the price peaked above $18.40. However, it then retraced to a key support level at $17.81. Following this retrace, a strong rebound has emerged. This rebound has effectively pushed the price back to the $18.30-$18.40 resistance zone.
Analyzing this technical setup, if LINK breaks above this range, it could test $18.50. Further, a successful breakout could advance the price towards $19.00.
Conversely, should a rejection occur at this resistance level, it may trigger a pullback. Such a pullback would likely target the $18.00 or $17.81 support levels.
Examining market activity, volume stands at $390.81 million. This figure is slightly down by 1.09%. This slight decrease indicates the need for stronger buying pressure to confirm a sustained uptrend.
Cardano (ADA) Price Action Suggests Further Upside Potential
ADA has recorded a 6.55% increase, trading at $0.8065. The price has established an uptrend, climbing from a low of $0.7569. The breakout above $0.80 signals strong buyer interest.
Analyzing ADA’s price levels, support levels are identified at $0.7800 and $0.7700. On the upside, resistance stands in the $0.8100-$0.8200 range.
Crucially, if ADA remains above $0.80, further gains could materialize. These potential gains could push the price toward $0.85 and then $0.88.
A decline below $0.78 may lead to a retest of lower levels. Despite the bullish trend, trading volume has declined by 5.64%, suggesting that sustained buying momentum is necessary for continued growth.
Hedera (HBAR) Price Gains Traction on Volume Surge
HBAR is currently priced at $0.2203, up 3.32% in 24 hours.
Reviewing price movements, the price reached a high of $0.225 before retreating slightly. However, strong support has formed at $0.2170 and $0.2150.
Resistance levels include $0.2250 and $0.2300. A break above $0.2250 could push HBAR toward $0.235-$0.240. Notably, trading volume has surged by 23.83%, signaling increased market participation and a potential bullish continuation.
Related: Altcoin Market Movers: HBAR, SUI, SOL, LINK, ONDO See Gains
Sui (SUI) Price Momentum Persists Despite Volume Contraction
SUI has climbed 8.27%, trading at $3.42. In recent trading, the price hit a high of $3.45. Following this high, SUI price has stabilized. Key support levels to watch are at $3.35 and $3.
Conversely, resistance lies at $3.45 and $3.50. If SUI holds above $3.35, it could advance toward $3.60. However, trading volume has dropped by 8.79%, raising concerns about buying strength.
XRP Price Demonstrates Resilience but Faces Consolidation Risks
XRP is up 2.25%, trading at $2.71. Analyzing recent price action, the price peaked at $2.72, and so the current support is holding at $2.68 and $2.65. Resistance levels include $2.72-$2.73 and $2.75.
Should XRP sustain its current momentum, it could target $2.80. However, since the volume has declined by 0.76%, it suggests a possible consolidation before a potential breakout.
Litecoin (LTC) Price Under Pressure as Buying Interest Wanes
LTC is down 4.71%, trading at $128.55. Examining recent price declines, the price has declined from $135.03. Presently, support has formed at $126.00 and $124.00. Resistance lies at $130.00 and $132.00.
If LTC remains below $130, further declines toward $124 or even $120 are possible. Reinforcing this bearish outlook, trading volume dropped by 27.99%. This sharp volume drop reflects noticeably weaker demand for Litecoin.
Ethereum (ETH) Price Targets Higher Resistance Zones
ETH has gained 1.49%, reaching $2,739.05. The price fluctuated between $2,701 and $2,760.
Currently, support is established at $2,720 and $2,700. On the resistance side, levels include $2,750-$2,760 and $2,780. A break above $2,760 could propel ETH toward $2,800. However, trading volume has declined by 3.99%, indicating possible market hesitation.
Ondo (ONDO) Price Momentum Suggests Continued Bullishness
Related: Bitcoin Price Stalls, Altcoin Rally Soon: What’s Next For ETH, SOL, UNI and LINK?
ONDO is up 2.58%, trading at $1.23. The price has formed higher highs, with support at $1.22 and $1.21.
Resistance stands at $1.25 and $1.28. A breakout above $1.25 could push ONDO toward $1.30. Despite the positive price movement, volume has declined by 16.99%, suggesting possible consolidation before the next move.
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