Bitcoin price cracks $30K, possibly clearing a path for SOL, LINK, AAVE and STX
Bitcoin's robust rally to $30,000 could potentially trigger a rapid rebound in SOL, LINK, AAVE, and STX.
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Following Bitcoin's recent strong rally, several altcoins, including SOL, LINK, AAVE, and STX, have shown positive signs of a potential rebound. Let's take a closer look at their price analyses:
**Bitcoin (BTC):**
- Bitcoin is currently facing a tough battle between bulls and bears around the $30,000 level.
- The consolidation near the current level suggests that bulls are in no hurry to book profits, and they may anticipate another leg higher.
- If the price turns down from $31,000, the BTC/USDT pair could drop to the 20-day exponential moving average (EMA) at $28,160.
- A break below the 20-day EMA could keep the pair trading in the $31,000-$24,800 range for some time.
**Solana (SOL):**
- Solana broke out of a bullish inverse head-and-shoulders pattern, with a target objective of $32.81.
- The overbought levels on the relative strength index (RSI) suggest a possible correction, with strong support at $27.12.
- A bounce off the support level will indicate bullish strength and improve the prospects of continuing the uptrend.
- On the downside, a drop below $27.12 could signal that the breakout above $27.12 may have been a fake-out.
**Chainlink (LINK):**
- Chainlink has been trading in a tight range between $5.50 and $9.50 since May 2022.
- A break above the range on October 22 was met with resistance, and the bulls are attempting to break above $9.50.
- A rally above $9.50 could lead to a move toward the pattern target of $13.50, with potential further gains to $15 and $18.
- The first support on the downside is at $8.50, and a break below this level may indicate continued range-bound action.
**Aave (AAVE):**
- Aave broke above a bearish descending triangle setup and started a bullish move.
- Both moving averages are turning up, and the RSI is in the overbought territory, indicating a bullish advantage.
- The AAVE/USDT pair may surge to $88 and then to $95.
- A drop below the downtrend line could put bears back in control, with a potential slide below the 50-day simple moving average ($62).
**Stacks (STX):**
- Stacks' price rose sharply, indicating an attempt to start a new uptrend.
- The moving averages show a bullish crossover, suggesting an advantage for the bulls.
- The RSI is overbought, indicating the possibility of a minor correction or consolidation.
- The first support on the downside is the 20-day EMA ($0.54), and a rebound from this level could lead to an uptrend continuation.
These analyses suggest that these altcoins have displayed positive signs and may see potential price movements in the near term. However, cryptocurrency markets are highly volatile, and investors should exercise caution and conduct thorough research before making any investment decisions.
