After a persistent market downtrend, the top cryptocurrencies have bounced back up from significant corrections sustained over the past one week. With this upward price action, altcoins such as Chainlink [LINK], Cardano [ADA] as well as XRP breached their respective overhead resistances, but not all show promising signs in the coming days.
Over the past several months, Chainlink [LINK] has witnessed significant growth. However, shortly after hitting its peak at $17 on August 17th, the coin took a plunge as it retested its support of $13.9.
LINK was up by 8.81% over the last 24-hours. With the latest uptick, the token breached the immediate resistance climbing to a high of $16.99 as it held a market cap of $5.94 billion and a 24-hour trading volume of $2.004 billion.
The markers of Parabolic SAR aligned above the LINK candles, however, depicted a bearish reversal in price trends. The RSI was in the overbought zone suggesting a sentiment of increasing buying pressure among the traders in the market. This signaled a potential price drop in the offing.
Cardano [ADA] had a rather slow week as its consolidation closer to the local high came to a standstill. However, the latest uptick has catapulted ADA to surge by 4.88% over the last 24-hours to a value of $0.116. At the time of writing, the crypto registered a market cap of $3.024 billion and a 24-hour trading volume of $285 million.
The coin was now showing signs of a positive trend reversal. This was evidenced by the green closing bar of Awesome Oscillator which indicated a shift towards a bullish momentum. Chaikin Money Flow’s tryst with the bearish region was also short-lived as it bounced right back up despite struggling to hold along the margin.
If the uptrend gains necessary momentum, ADA could target another overhead resistance at $0.149 while firmly supported by $0.98-level.
XRP surged by 2.12% over the past day driving its price to $0.276 as it recorded a market cap of $12.44 billion and a 24-hour trading volume of $1.075 billion.
Despite the latest push, XRP’s technicals continued to point towards a bearish trend. The MACD as well as the Klinger Oscillator sustained a bearish crossover as the signal line continued to dominate. Should XRP/USD make another leg down, the coin could retrace its steps back to its support close to $0.179 as it faced stiff resistance at $0.310.