Altcoins are surfing on Bitcoin’s recent high
Bitcoin prices rose sharply on June 3, which pushed the cryptocurrency price to $39,000 on the charts. This rally was also witnessed by the altcoin market, inducing more volatility in it.
This resulted in cryptocurrencies such as Litecoin, Chainlink and Shiba Inu registering strong momentum increases.
Source: LTCUSD in TradingView
Litecoin was trading at $182 when Bitcoin market momentum sent it to $196. The attached chart found that digital silver was rolling in a bearish moment with the price hovering around $182 back and forth . However, as the price fluctuated, the market trend shifted upward.
The $183 level was appointed as the Control Point for the Litecoin price during the said period and therefore, even if the value drops, it can receive strong support from traders at this level.
At the time of this writing, however, the chances of a dump seemed slim as the 50 moving average remained below the price bars – a bullish signal suggesting the price was trending upward. With increasing momentum in the LTC market, value can be directed northwards, at least in the short term.
Source: LINKUSD on TradingView
Chainlink’s price remained around support at $29 after the market fell. However, the change in BTC volatility sent LINK to $32, a level around which it was trading so far. This shift in price direction also pushed the MA-50 under the candlesticks, with the Bollinger Bands expanding to make room for incoming volatility.
The price increase also suggested that buyers were favoring LINK and therefore buying more of the asset. The Relative Strength Index underlined this sudden shift in buying pressure as it moved away from equilibrium towards the overbought zone. At the time of this writing, LINK was close to being overbought as the RSI remained at 63.
Shiba Inu [SHIB]
Source: SHIBUSD on TradingView
The Shiba Inu cryptocurrency generated great controversy on its release. So far, the crypto asset was trading at $0.0000099. The value may seem negligible, but the market has seen a growing interest from users, which indicates its growth. The sudden pump also saved its bear market from losing more value and pushed the asset higher.
With the price moving up the price scale, the downtrend was replaced by an uptrend as the parabolic SAR markers lined up under the candlesticks. This was a sign of an uptrend market. Meanwhile, immediate support for the price can be seen at $0.0000094, where the maximum trade suggested by VPVR has taken place. When the price is corrected, traders can keep the support value.