Bitcoin broke through the psychological barrier of 54K today, clearing its previous resistance level around $52,000.
Currently, Bitcoin is trading at $54,035. A bullish technical pattern signals that Bitcoin (BTC) may be poised to retest its all-time high of $58,000. With Bitcoin’s bullish momentum, altcoins such as Uniswap(UNI), Chainlink (LINK), and VeChain (VET) have also rallied higher.
Uniswap(UNI) Price Analysis
Source: UNI/USD Daily via TradingView
Uniswap, the leading decentralized financial platform running on Ethereum blockchain, has grown by 29.59% in the past 7 days. According to Coinmarketcap, it ranks 8th with a market value of $1,17,299,907,165, behind XRP.
On March 7, Uniswap (UNI) formed a long green candlestick, breaking through the previous high of $33, and setting a new high of approximately $34.962. The reason why the bulls have managed to make Uniswap’s price soar may be because the Ethereum Improvement Proposal (EIP) 1559 finally received the green light for implementation and will be launched in July. EIP 1559 aims to improve the user experience and curb the increasing transaction fees on Ethereum. This upgrade will undoubtedly benefit Uniswap and other DeFi protocols that run on the Ethereum blockchain.
Although the price of the UNI/USDT currency pair dropped yesterday, the candlestick pattern illustrates that the market is still controlled by the bulls, who have held onto their UNI reserves. UNI/USD is still trading within the ascending channel drawn in the figure.
The next step for UNI price is to stabilize its operation above the support line of the rising channel and consolidate the price above the 9-day moving average. Before reaching the $50 mark, the bulls may face the upper resistance line of the ascending channel. UNI’s current support level is the 20-day moving average of approximately $26.95.
Chainlink(LINK) Price Analysis
Source: LINK/USD Daily via TradingView
At the time of writing, Chainlink (LINK) is trading at $31.31. LINK/USD closed a long green candlestick yesterday, pushing the price above the 20-day Moving Average of $28.87. Bulls may potentially push the trading pair to the inflection point of $33.28, which is the previous 9-day Moving Average line.
The candlesticks with a long lower shadow from March 5th to March 7th showed that the bulls were working hard to defend their dominance against the bears’ depreciating prices. If the LINK/USD currency pair can stably stand above the short-term Moving Average and successfully break above the $33 point, the bulls will then set the bullish target price to an all-time high of $36.92.
However, if the price fails to stabilize above the 9-day Moving Average of $29.09, then LINK/USD will move down further to the next support level of $24.74. If the price falls and breaks below $24.74, this trend may benefit the bears and buyers will suffer greater losses. Such a move of Chainlink may lower the price to $20.
VeChain(VET) Price Analysis
Source: VET/USD Daily via TradingView
VeChain (VET) hit a new high today, a new all-time high of $0.067834. At the time of writing, the daily chart shows that many investors sold their VET holdings at around $0.060. However, the bulls have been hard at play in preventing VET’s price to plummet. VET is trading at $0.064427.
From the graph of the recent daily candlesticks, it can be seen that recently, VET has stood on the 9-day Moving Average line. The Exponential Moving Average (EMA) ribbon is sloping upwards, which indicates that the bulls are occupying the main market. If the bulls can push and maintain the price above $0.065, then the VET/USD pair may start the next uptrend. The first target for VET is $0.08. If the altcoin succeeds in breaking through this level, the currency pair may rise to $0.10.
However, if the price falls from the current level, the currency pair may fall to a 23.6% Fibonacci retracement level of $0.0592585. If VET is unable to sustain above $0.05926, VET will then fell to a 50% Fibonacci retracement level of $0.05217629. Currently, the strongest support level for VET is the 20-day Moving Average of $0.0506. If the currency pair rebounds from the 20-day EMA, the bulls will try again to push the price above the strong upper resistance level around $0.065.
However, if the price falls below the 20-day EMA, the selling of VET may intensify and the price may fall to the next support level of $0.042.
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