The week has started on a green note for most coins as the entire cryptocurrency market now seems to have shifted its interest to what Bitcoin is doing. The major cryptocurrency has managed to break the $12,000 mark and the speculation is that there could be more growth coming.
Altcoin season, however, is not cancelled as the smaller coins continue to ride the wave that Bitcoin has created after pushing their own agendas when Bitocin was range bound in the $9,000 regions for a while.
There are a few smaller altcoins that are showing big signs this week already, and are worth keeping an eye on. Then there is also Chainlink which is showing a bad start to the week but is equally important to keep watching to determine where its market goes.
Bitcoin breaking barriers
Bitcoin’s rally since breaking out of the lower reaches of the $9,000 mark does not look like it is slowing down. There have been more than enough positive signs to show that this could be a legitimate rally that could take the coin to it’s all time high, and maybe higher.
Other metrics are showing increased volatility, as well as volume, and these are usually good signs for a big rally. The fact that Bitcoin managed to break $12,000 at the end of last week, for the second time, and only fall back slightly from that top, means that there is still life in it.
This week could see Bitcoin get above $12,000 but also stay there and start looking for its next resistance level, which is probably $12,500 — or even $13,000.
LINK lowering down
One of the top performers of the altcoin season that was growing through 2020 was ChainLink. The Link token has shown massive growth in its market, but this is all off the back of impressive moves from the company as they keep breaking into mainstream uses for blockchain through their oracle offerings.
Now though, having rallied through last week, Link is down over 6 percent and is one of the only coins in the red in the top 20 coins. This is probably nothing to worry about as it is more of a correction or a correlation.
However, Link could come back from this drop strongly in the next few days and push on with its impressive rally, especially if Bitocin keeps its own rally up.
Tezos has also been on a steep climb in the last week that saw it break out of the $2.63–$3.25 range on. This suggests that the bulls have overpowered the bears. And in the fundamental chart analysis, the 20-day EMA ($3.08) is sloping up, which also suggests that the bulls have the upper hand.
The coming week will however be a battle between bears and bulls as Tezos looks to keep rallying but the rapid growth will cause people to consider shorting and bringing the market back down to earth.