Another day, another upswing? The Theta, Chainlink, and Ethereum altcoin markets rose as the bitcoin market saw prices rise. This rise pushed the altcoins into bullish territory and marked a trend reversal that was visible on the charts.
The theta chart above shows that price stalled until upward volatility set in. The value of the digital asset moved near the support at $ 8.37 as an uptrend supported the price and faced the resistance at $ 10.82.
That growth has displaced the previously declining market and given the bulls room to move. When the price retested the resistance, the divergence of the Bollinger Bands indicated that the market was very volatile while the signal line was trending up.
The sudden spike pushed THETA into the overbought zone due to the high buying pressure indicated by the relative firmness index. As the coin rebounded, the MACD line also crossed the signal line, indicating a bullish market.
Chain link [LINK]
Chain links [LINK] Price also managed to break away from its immediate resistance at $ 32 and the digital asset traded at $ 34.73. This sudden spike saved the coin from entering the oversold zone and was now closer to the overbought zone.
As the market opens up to more volatility, the LINK price may continue to rise, but a stable level of trading may need to be created to avoid further depreciation. The value of LINK may be corrected if it enters the overbought zone. Although momentum has eased from the bulls, the price could hit $ 35 and test the support.
The second largest altcoin, Ethereum [ETH] has been trading under support at USD 2,361 for the past few days. However, when BTC rebounded, the Premier Alt was bailed out of its declining market and the price surpassed various levels of resistance. ETH was currently trading at $ 2,485 while another major resistance remained at $ 2,497.
As buying pressure on ETH increased, the relative strength index indicated that the asset had reached the overbought zone. As more money flows into the ETH market, the price can continue to rise unless a correction is made to do so. Since the price hike has been strong, the correction could also be drastic.
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