The altcoin market has seen significant volatility in the past week, with Chainlink (LINK) rising nearly 20% to reach its highest level since November 2021, thanks to strong buying pressure.
Conversely, dogwifhat (WIF) has dropped 20%, falling below the $3 billion market capitalization threshold and approaching its lowest point since mid-November, due to overwhelming pessimism. Similarly, Mog Coin (MOG) has also lost 19%, slipping to 8th place among the largest memecoins and facing the risk of being surpassed by altcoins like PEANUT and POPCAT.
Chainlink (LINK)
The price of Chainlink has increased by nearly 20% in the past week, reaching $30.94, the highest level since November 2021. This surge reflects strong buying pressure and renewed interest from investors, setting the stage for potential further growth if the upward momentum is maintained.
The EMA lines suggest that LINK's uptrend remains strong, while the RSI at 57 indicates healthy momentum. This suggests that LINK still has room for growth, reinforcing the optimistic outlook in the short term.
LINK/USDT chart on the 4-hour timeframe | Source: TradingView
If LINK surpasses the resistance level of $31, it could rise to the next resistance level at $35. However, if the trend reverses, support levels at $27.4 and $22.4 will act as buffers, preventing deeper declines.
Dogwifhat (WIF)
The price of WIF has decreased by about 20% in the past week, causing its market capitalization to fall below $3 billion and currently stands at $2.65 billion. This decline reflects strong selling pressure, pulling WIF down to its lowest level since mid-November.
WIF/USDT chart on the 4-hour timeframe | Source: TradingView
Although still holding the position of the 4th largest memecoin, WIF faces the risk of being surpassed by BONK as the market capitalization gap between the two coins is only $400 million. If the decline continues, this ranking change may occur in the near future.
The EMA lines for WIF give negative signals, with short-term moving averages below long-term moving averages and prices trading below all major thresholds. If the downtrend persists, WIF may test the support level of $2.5, with the possibility of continuing to drop to $2.19.
Mog Coin (MOG)
MOG has dropped 19% in the past week, falling to 8th place among the largest memecoins. This altcoin risks being overtaken by altcoins like PEANUT and POPCAT if the downtrend continues.
MOG/USDT chart on the 4-hour timeframe | Source: TradingView
The short-term EMA lines for MOG are trending downward and may soon cross below the long-term EMA lines, forming a 'death cross' – a strong bearish indicator. This suggests that the current correction may continue and deepen.
If the 'death cross' forms, MOG may test support levels at $0.00000267 and could even drop further to $0.0000020. However, if the trend reverses, MOG may challenge the resistance level at $0.0000033.
https://tapchibitcoin.io/day-la-3-altcoin-can-chu-y-trong-tuan-nay.html