- The cryptocurrency market is experiencing a rebound, with Bitcoin surpassing $67,000 and Ethereum exceeding $3,000.
- Notable strong performers include Fantom (FTM), Chainlink (LINK), BONK, Solana (SOL), and Jupiter (JUP), based on their recent price movements.
- Fantom (FTM) could reach $1.40 this week if the current bullish trend persists.
- Chainlink (LINK) is at a critical point, with potential to break out above $16.55 or form a head and shoulders pattern if it faces rejection.
- BONK has the potential to increase by 60% to $0.000048 if it surpasses the resistance level of $0.00002938.
- Solana (SOL) might approach the $200 mark this week, contingent on significant price action around $175.
Last week marked a notable resurgence in the cryptocurrency market as Bitcoin surpassed the $67,000 mark for the first time since its post-halving decline. As of now, Bitcoin hovers slightly above $67,000, while Ethereum is performing robustly, maintaining a value well above the $3,000 psychological threshold.
This market upturn suggests a recovery phase, presenting opportunities to focus on some of the most promising cryptocurrencies in this rebound.
1. Fantom (FTM)
Currently trading at approximately $0.883, Fantom has experienced a significant uptick of around 25% over the past week, according to CoinMarketCap. This rise positions Fantom as one of the top performers among the top 100 cryptocurrencies. If the bullish trend continues, Fantom could potentially break above the $1 mark.
Fantom's upward momentum began after it rebounded off the lower support of an ascending channel at around $0.63. Having broken out of this formation, Fantom is now targeting a retest of its local high of $1.23, last seen in mid-March. Should the bulls maintain their momentum, the cryptocurrency might rally further, potentially reaching the $1.4 target this week.
2. Chainlink (LINK)
Chainlink has also emerged as a strong performer, currently priced at $16.52 with a 24% increase over the past week. The charts indicate that Chainlink is attempting to break above its current range high of around $16.55.
This price level represents a critical juncture for Chainlink, posing both significant opportunity and risk. A rejection at $16.55 could form a bearish head and shoulders pattern. However, the Relative Strength Index (RSI) on the daily chart suggests bullish dominance, implying a likely break above the $16.55 resistance. Should this occur, Chainlink could advance towards retesting the $22.86 high, or even higher.
3. BONK
Following PEPE's recent all-time high, Bonk has shown notable gains, up by around 20% over the past week, with its current price at $0.00002766. According to the charts, Bonk has rebounded strongly from the $0.00002144 level and is now aiming for a break above the $0.00002938 zone for the fourth time since March 2024.
If this is indeed Bonk's week, we could see a significant price acceleration of up to 60%, potentially reaching $0.000048, should a break above $0.00002938 occur in the coming days.
4. Solana (SOL)
Solana is another notable contender, nearing the $200 mark with an 18.7% price increase over the last week. The charts show Solana trading bullishly along an ascending trendline, though it faces resistance around the $175 level.
This resistance dates back to a slump from a $210 high on April 12. Given the current bullish momentum, a break above the $175 resistance seems likely, potentially leading to a retest of the $210 high or beyond. However, it might be prudent for traders and investors to monitor this resistance level closely before making any moves.
5. Jupiter (JUP)
Solana-based Jupiter has also been a strong performer, rising by about 15% over the past week. Currently trading at around $1.23, Jupiter is attempting to break above a significant $1.22 resistance level.
A decisive daily or weekly close above this resistance could set the stage for Jupiter to gather momentum and aim for its all-time high of $1.84, or even higher. However, there may be some hesitation around the psychological $2 resistance if the price surpasses $1.84.
Disclaimer: Voice of Crypto aims to provide accurate and up-to-date information, but it is not responsible for any missing facts or inaccuracies. Cryptocurrencies are highly volatile financial assets, so conduct thorough research and make your own financial decisions.