Binance’s new DOGE/TUSD trading pair could be a bullish catalyst for the altcoin, according to crypto analyst Lockridge Okoth. Analyst Ali Martinez says the strong support base for Chainlink adds to the optimism. Analyst Jake Simmons argues that Solana bulls are ultra-strong.
How does DOGE/TUSD trading pair catalyze altcoin price?
cryptocoin.com As you follow, Binance has announced that it will support DOGE/TUSD. As a bonus, Binance will charge zero maker fees for trading pairs. It is possible that this bonus from Binance is a bullish catalyst for the DOGE price. This will encourage Dogecoin to be traded on the giant exchange, which currently accounts for more than 20% of the meme coin’s total trading volume. The growth in trading volume after this listing is likely to cause an increase in Dogecoin price. A sustained momentum of bullish pressure could push the altcoin price above $0.1 in early May.
Strong support base for this altcoin raises optimism
Chainlink (LINK) investors expect its price to rise further in the coming days. Therefore, there is currently a bullish sentiment for the altcoin among investors. This is based on a chart from data analytics platform IntoTheBlock that Ali Martinez shared on Twitter. In the tweet, Ali states that while Chainlink is likely to drop to $5.60, its chances of rising are much higher. This optimism is fueled by the fact that many people bought LINK when the price was between $6.38 and $6.93, creating a strong support level for the altcoin in this price range.
Although there's a chance that #Chainlink could fall to $5.60, the chances of it going up are higher.
This is because a lot of people bought $LINK when the price was between $6.38 and $6.93, which means there is a strong support level at this price range for #LINK. pic.twitter.com/j9NLnu5GoQ
— Ali (@ali_charts) April 28, 2023
The chart that Ali shared shows that Chainlink has been trading in a narrow range for the past few weeks. It also highlights that its price is around $8. The move due to this range has caused some investors to worry that LINK may lose its momentum. However, the chart also shows that Chainlink has formed a strong support base in the $6.38 to $6.93 range. It also indicates that a large number of investors are buying at this level. According to the analyst, this support level could serve as a springboard for LINK to make a strong move up in the coming days.
What awaits LINK?
Analyst Eli Danbel reviews the Chainlink technical outlook. LINK formed a red candle on today’s daily chart and broke below its 50-day Simple Moving Average (SMA), a short-term bearish cross. Also, it remained in the sideways trend that started on April 22, 2023. This shows that the bears and bulls are at a stalemate in the market. The price change during this period is slight. However, an increase in trading activity for the asset is evident.
LINK’s Relative Strength Index (RSI) is 44.58 and descends into the oversold territory. This means that more price drops are possible in the coming days. LINK is still above its 200-day SMA despite price volatility. The 200-day SMA turned into a support level at $6,942 for the asset. This indicates a long-term recovery.
Other key support levels are at $6.4 and $6.75. Also, resistance levels are at $7,456, $7,735, $8.8, and $9.48. The bears plan to keep the price of LINK low at the $7,456 resistance. It will likely drop to the $6,942 support level soon. This too is likely to act as a pivot point to trigger a bull rally.
Solana bulls are ultra strong! What are the bulls aiming for?
Solana is perfectly positioned to provide a big upside jump. SOL recently faced an extremely important trend decision on the 1-day chart. Already since the end of December 2022, Solana entered an uptrend. However, the bears have tested the ascending trendline (black) several times in the past few days.
SOL price, 1-day chart / Source: TradingViewCurrently, the SOL price is again hovering above the trendline. Hence, Solana may start a run towards the 200-day Exponential Moving Average (EMA) (blue). Technically, Solana is still in bear territory as it fell below the “bull line” on April 8, 2022. First attempts in mid-April 2023 were unsuccessful. While Bitcoin and numerous altcoins are currently trading above the 200-day EMA, it is still stuck below the trend indicator as a result of the SOL FTX crash.
Holding the trendline will likely be the impetus to push the SOL price back to the 200-day EMA and the bullish zone. The borderline is currently at $25.12. However, Solana must climb above $22.78 to confirm a fresh attempt. If the SOL manages to stabilize above this resistance level, it is possible for the buy side to target the 200-day EMA again. If this is successful, the yearly high of $27.13, which also includes the 38.2% Fibonacci level, will come into focus.
Remarkably, Solana’s current strength is also visible on the SOL/BTC chart. At the time of writing, SOL was about to break the downtrend on the lower time frame. Therefore, a move towards 0.0008018 is possible in SOL/BTC.
SOL/BTC, 1-hour chart / Source: TradingView
