UNI, LINK, SOL and XMR could move higher if Bitcoins sharp rally sustains its momentum.
Bitcoin’s 43% rally from $29,482.61 on July 21 to $42,316.71 on July 30 has revitalized the bulls who had been sitting on the side. After the sharp rise analysts are debating if Bitcoin could repeat its sharp bull run which was seen in 2013 and 2017.
Jeff Ross Capital founder of Vailshire and CEO emphasised that Bitcoin had rallied ten-fold in the second half of 2013 after facing three months of negative news. Ross said:
“I still contend that 2021 will behave in similar fashion.”
BTC/USDT
Bitcoin’s sharp rally of the past few days is facing stiff resistance at $42,451.67 but on a positive note buyers have not given up much ground. This shows that the bulls are not dumping their positions as they anticipate the rise to continue.
UNI/USDT
Uniswap rose above the downtrend line on July 30, invalidating the descending triangle pattern. This could result in a short squeeze as aggressive bears rush to cover their positions. If bulls drive the price above the $23.45 to its $25 resistance zone, the UNI/USDT pair could rally to the stiff overhead resistance at $30.
LINK/USDT
Chainlink broke above the 50-day SMA ($18.73) on July 27 .This shows that bears the were losing their grip. After a slight hesitation near the psychological level at $20, the bulls continued the relief rally on July 30.
SOL/USDT
On July 31 the bulls pushed Solana above the downtrend line. This invalidated the descending triangle pattern. The bears are currently attempting to pull the price back below the downtrend line and trap the aggressive bulls. The 20-day EMA ($30.49) has turned up and the RSI has risen above 61, indicating that buyers have the upper hand.
XMR/USD
Monero went above the downtrend line on July 26, which invalidated the developing descending triangle pattern. The failure of a bearish setup is a positive sign. The XMR/USDT pair has been consolidating in a tight range for the past three days.
