There are three altcoins to be seen this week and next as I expect high volume injections on weekends. My top picks are ADA / USD, LINK / USD, ZIL / USD.

The pre-FOMC session sell-off has stopped today, according to claims made by Chairman, Mr. Powell. Mr Powell has stated that the date of the economic recovery is still uncertain and will depend heavily on the spread of the virus and progress in vaccination. The US dollar gained significantly yesterday, increasing its value by 0.53%, hitting the benchmark of 90.880. The US dollar rally resulted in some cryptocurrencies being corrected. Bitcoin lost 6.47% yesterday, Ethereum 9.29%, although both were up again today.

Cardano

Cardano is one of the top winners this year, gaining nearly 84% just this year, hitting a new all-time high of $ 0.397412. With many analysts and cryptocurrency researchers speculating that the DeFi boom will be bigger and make more noise this year, Cardano is certainly one of the altcoins to watch with its Shelley upgrade and DeFi transition.

Cardano price on Overbit

ADA / USD has formed a triangle and is still in an uptrend channel. If sellers are lowering the price and buyers are increasing the price, the pair could go either way, although the uptrend is most likely to continue. The continuation of the uptrend is supported by MACD and RSI indicators. The MACD line is very close to the crossing of the signal line, however EMA50 and MA100 are strong resistors.

Cardano price on Overbit

The triangle pattern usually signals the ABCDE correction based on Elliott wave theory and is a trend continuation pattern. However, to ensure that the price action follows the rules of Elliott waves, it is highly recommended that you use the Fibonacci retracement tool. As can be seen in the graph above, previous uptrend retraces ended near the 0.786 Fibo, which means that the bearish trend is not yet confirmed and that buyers need a deeper correction to regain their purchasing power.

Cardano price on Overbit

The same is true for the reverse trend. Each uptrend from the previous correction ends at 0.786 Fibo. This means that sellers too are looking for the best selling price and acting with confidence rather than cautiously. For this pair, watch very closely the $ 0.350500 level as it is a Fibo 0.786 level and the top of the triangle. After testing the top edge, the pair are expected to go down again to complete Wave E and break out of the triangle. With the triangle breakout confirmed, watch for resistance at $ 0.368600 – $ 0.374000.

Zilliqa

Zilliqa is an example of a great project with great scalability. According to Zilliqa’s own research, the token price has increased 760% since January 2021. Let’s take a look at the graph to see what the ZIL / USD has to offer.

ZIL / USD chart from TradingView.

As can be seen in the table above, Zilliqa is in a triangle, the same pattern as on Cardano, even though Zilliqa has already completed the E-wave of the 5-wave correction pattern. The projection of the uptrend is theoretical and based on the price movement behind the resistances. MACD and RSI signal the upward movement. When Zilliqa closes above the top of the triangle, expect an uptrend towards $ 0.8800 and towards $ 0.11330 if it breaks the previous high of $ 0.9971.

Chain link

Whenever there is advances in blockchain and DeFi, Chainlink is the project that hits the market. With its unique technology and a first-class chain network, Chainlink can not only connect blockchains with one another, but also connect external data to a blockchain. In the year of DeFi and neo banks and crypto banks, the use of chainlinks is inevitable.

At the time of this writing, Chainlink is trading at $ 24.45, above the major resistance at $ 23.60. Today’s momentum is very strong and the resistance at $ 25.40 will be overtaken after a possible correction to $ 23.60 to test this resistance as support and regain power.

LINK / USD chart from TradingView.

The levels to watch are $ 25.50 USD. If the token closes above this level, the next stop will be at levels near USD 26.74 and USD 27. MACD remains bullish and RSI is already showing the pair is outperforming, meaning a possible correction is imminent.

LINK / USD chart from TradingView.

There is great support for the uptrend of MA100, so progress within that end diagonal will most likely continue.

Next Altcoin News, Guest Posts, News Kseniia klichovaAuthor: Aziz Kenjaev

Senior Vice President at Overbit. Technical Analyst, Crypto Enthusiast, Former Vice President at TradingView, Medium and Long Term Trader, trades and analyzes the Forex, Crypto and Commodities markets.

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