The entire cryptocurrency market is heavily bullish and has hit a new 2020-high in terms of market capitalization at $397 billion. Just in the past week, the entire market gained around $42 billion in market cap thanks to several good news, especially from PayPal.
Although Bitcoin has been leading the way, surpassing $13,000, several other altcoins are closely following it. Let’s take a look at the 3 biggest gainers of this week so far.
Ampleforth Price Analysis
AMPL seems to be contained within an ascending parallel channel formed on the daily chart. The current price is $1.15 after a notable 15.7% rebound in the past 24 hours. The MACD has remained bullish since September 25 and it’s gaining momentum again.
The next clear resistance level is at the top of the channel around $1.33. A breakout above this point can easily drive AMPL up to the last local top of $2.4. On the other hand, a slip below $0.80 which coincides with the 50-SMA can push AMPL down to $0.6.
Chainlink Price Analysis
LINK broke out of an ascending wedge formed on the daily chart while maintaining a bullish MACD. The breakout is notable and will most likely push LINK towards the next resistance level at $14.
The current price of LINK is $12.26 and has climbed above the 50-SMA and the 100-SMA turning both into support levels. The RSI is not yet overextended and will not pose a threat to the bulls.
Rejection from the upper boundary of the ascending wedge could be problematic and help the bears to at least re-test the 100-SMA and possibly the 50-SMA in the short-term before resuming the uptrend.
Celsius Price Analysis
CEL is trading at $1.3 after a massive 36% price recovery in the past 48 hours. The digital asset has formed a long-term bull flag on the daily chart with a resistance level at $1.5. The MACD turned bearish on October 12 and seems to be losing some strength now.
Nonetheless, bulls have managed to keep all three SMAs as support levels. The RSI is not overextended but has been for almost one month. Bulls need to see a breakout above $1.5 to confirm the bull flag.
On the other hand, bears are looking for the rejection of the same resistance level to push the digital asset down to the first SMA support level. Considering the bullish momentum of the market, a breakout of the bull flag seems to be more likely.
The sentiment of the crypto market has flipped positive in the past month and the current bull run seems unstoppable. Will we see a new all-time high for the total market capitalization?
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