Crypto analyst David says that the altcoin price is forming a bullish signal and LINK will likely rise soon. Analyst Jakub Dziadkowiec predicts that XLM has entered a bull market. Another analyst, Ibrahim Ajibade, states that AXS whales are pushing for more earnings.
This altcoin price is ready to rise
Chainlink (LINK) price has been trading in the $5.5 to $9.5 range since May 2022. When the price is in a range, traders tend to buy when the price drops to the support and sell when it reaches the resistance level of the range. Indeed, traders have actively defended the support of the range over the past two weeks. This can be clearly seen from the weekly candle with a long lower wick (green arrow) and the inside bar candle of the previous week. Meanwhile, the Weekly RSI indicator for the altcoin is moving around the 50 level. However, the descending long-term resistance moved above the trendline. This marks a slight advantage for the bulls. If a rebound occurs, the nearest key resistance level to watch is $8.5.
LINK weekly chart. Source: TradingViewTechnical indicators suggest that LINK price will recover in the near future. The closest targets include $7 and potentially $8.5. However, the short-term bullish view will be invalidated if the altcoin price drops below $5.83. In this case, it is possible for the price to drop back to the support level of the range at $5.5.
XLM gears up: will it go to $0.50?
XLM’s long-term, monthly chart provides an insight into the altcoin’s history since its launch in 2015. Unlike many cryptocurrencies released at the time, the Stellar price chart presents a bullish outlook. Most importantly, the altcoin price has experienced two bull markets reaching similarly high valuations. In early 2018, XLM price hit an all-time high (ATH) of $0.93. Meanwhile, during the previous bull market, it reached $0.80 in May 2021. Interestingly, the monthly candles closed in the $0.53 region in both cases. It now serves as long-term resistance and the target of the next bull market. If XLM price rises to this area from the current $0.12 value, it would mean a 350% increase.
XLM price chart. Source: TradingviewAnother bullish signal is the ascending long-term support line (blue), which has existed since April 2017. So far, the macro lows of the previous two bear markets have confirmed this as support (blue circles). Also, Stellar price on the monthly chart has formed a rarely observed long-term hidden bullish divergence. The RSI indicator has recorded a lower level in 2022 than its 2020 low (orange line). In contrast, XLM price formed a higher low over the same period.
This altcoin is poised to rise
Market analyst PUKACharts provides additional arguments for the imminent breakout of XLM price in a recent post. He also concludes that “XLM is warming up” by looking at the monthly chart of the altcoin price. The analyst’s bullish arguments include:
- Break above the 10-month SMA.
- A confirmed bullish cross on the MACD.
- Both signals come from the green window of the bull market.
- Break above the POC (red line).
- Break above the resistance line on the OBV indicator (bottom blue chart).
Long-term XLM analysisThe highlight of this analysis is that XLM price was trading in the green area of the bull market last month. If the scenario of the previous two uptrends comes true, the long-term target would be above the $0.53 level.
AXS whales push for more earnings
On-chain data shows that Axie Infinity whales are struggling to break through the $5 resistance. In fact, as you follow on Kriptokoin.com, they started packing their bags weeks before the Grayscale decision reversed the market momentum. The cluster of altcoin whales holding 100,000 to 1,000,000 coins has been buying since August 16. As you can see below, they added 1.63 million tokens to their cumulative AXS balance between August 16 and August 30.
Wallet Balances of AXS Whales. August 2023. Source: SantimentAXS is currently trading around $4.91. The 1.63 million tokens that the whales just bought are worth about $8 million. In particular, the recent trading patterns of this group of whales are closely correlated with price action. So, if the positive trends continue, it is possible for AXS to post more gains in the coming weeks.
48124
