LINK, ARB, and ATOM Are the Top Altcoins To Watch Out For: Analyst
- LINK could rise to $8.5, but a brief retracement could occur if the RSI hits 70.
- ARB bulls are dictating the market momentum, indicating a possible rise beyond $1.
- An increase in the AO on the ATOM/USD chart could end in a weekly high.
Over the weekend, a number of altcoins recorded impressive performances as the crypto market increased to $1.12 trillion. But as a new week begins, there are specific cryptocurrencies that market players should watch out for. This was the opinion of pseudonymous crypto analyst The DeFi Investor.
According to The DeFi Investor, Arbitrum (ARB), Chainlink (LINK), and Comsos (ATOM) are some of the altcoins to keep an eye on. He backed up his projection with some reasons. For Arbitrum, the analyst noted that the approval of the $50 million ARB incentive could be the catalyst that pushes up the price.
Furthermore, The DeFi Investor noted that Chainlink has some big announcements coming, and it could be instrumental in helping out the price action. Lastly, ATOM’s potential increase could depend on the outcome of the Comsosverse, billed to start on October 2.
At the time of writing, ARB’s price was $0.96 after it gained $3.68% in the last 24 hours. LINK, on the other hand, hit $8 as initially predicted. But its price stalled while ATOM had a 3.77% increase within the same period.
Chainlink (LINK)
LINK, in the last 24 hours, has been hovering around $7.95 to $8. However, the consolidation is not proof that LINK will continue its sideways movement. In fact, the token’s market structure was largely bullish on the daily LINK/USD chart.
Furthermore, the Relative Strength Index (RSI) of LINK was 67.83. This value indicates good buying momentum. However, the RSI’s closeness to 70 suggests that LINK could retrace. But that might only occur as a result of some profit-taking.
If some sell-offs appear, then LINK may hit $7.80. However, there is a high chance that buying pressure will increase and possibly push it to $8.50.
Arbitrum (ARB)
For ARB, its price has been able to move up to $0.97, thanks to the rising buying pressure and whale actions. Additionally, the Moving Average Convergence Divergence (MACD) was 0.008. This is a sign of increasing upward momentum. With the blue line much above the orange dynamic line, ARB could reach and probably surpass $1 if sellers don’t take control of the market.
Cosmos (ATOM)
The ATOM/USD 4-hour chart was in a similar state as LINK and ARB. With increased buying pressure, ATOM’s support at $6.94 propelled the price to $7.57. Although there has been a little resistance at $7.57, which pegged ATOM back to $7.53.
Irrespective of that, the Awesome Oscillator (AO) was positive at 0.33. The positive value is a confirmation that bullish forces are currently driving the market. Hence, it is likely for ATOM to quickly recover from $7.53 and possibly push the price toward $8.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss
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