After recording a notable plunge since the early trading hours, the crypto space is attempting for a notable rebound at the press time. Bitcoin has just risen from a loss of more than 3% to a gain of just 0.32%. And hence a notable bounce may be expected in the next couple of hours where altcoins like Chainlink(LINK) may flip from the danger zone. On the other hand altcoins like Polkadot(DOT) showcase huge possibilities trembling down.
Chainlink May Bounce from the Support Levels
The Chainlink price responded well to the rising channel and as it reached the apex, the asset quickly shed a notable amount of its value and continued to visit lower levels.Currently with the volume remaining depleted, the asset is feared to lose beyond the $20. But well before that the bulls are expected to enter and uplift the price above $30.
The LINK price is on the verge to hit the 0.6 FIB levels, sliding down from the 0.5 FIB levels from the 0 FIB levels. A possible flip may be pre-programmed at the 0.6 FIB levels which may uplift the price above the immediate upper FIB levels and after a minor correction, the price rally may continue towards the 0 FIB levels at the upper most resistance around $30.
Polkadot (DOT) Feared to Lose Half of its Value
Like many other crypto assets DOT price is not manifesting a huge possibility to visit lower levels. After the asset initiated with the bull run in the month of july, it ended with attaining the ATH during the first few days of November. Since then the asset has rolled-back and now is trading exactly along the horizontal support which is nothing but the neckline of the Head & Shoulder pattern.
The price action from September until now can be viewed as a large H&S pattern and a break-down below these levels could accelerate acute losses. If the current selling pressure in the crypto market continues, then the asset may plunge down towards the strong support levels and in the worst case may also test the $10 levels too. However, if the DOT price rebounds and smashes the $32 resistance levels, then the bearish trend stands invalid.
Therefore, the upcoming couple of days may be extremely crucial for the entire crypto market. For the market to stabilize, Bitcoin price has to stand strong above $43K levels. And hence the other altcoins may also get significant boosts to fight against the bears