Joanne Wesson, CEO of crypto analysis firm Alpharaktal, shared her latest analysis on three altcoins.
Mr. Wesson shared the current status and expectations for Ethereum (ETH), Chainlink (LINK), and Cardano (ADA).
Wesson said the analysis used data such as on-chain metrics, technical analysis, buy/sell pressure delta, and total liquidation levels.
1) Ethereum (ETH): Analysts were the first to point out that on-chain data like MVRV showed speculation and strong bullish expectations.
ETH buy/sell pressure delta data turns red, indicating historic lows. At the moment, analysts believe that this indicator suggests that a short-term bottom for Ethereum may already be in sight.
The liquidation level suggests that above $4,800 could trigger a series of short-term liquidations, suggesting that ETH price could rise to this level.
Finally, the moving averages suggest that ETH is still above some important levels. Ethereum would need to fall below $3,000 for things to worsen.
2) Cardano (ADA): Analysts said Cardano remains strong and speculation around ADA is not as strong as ETH.
The analyst noted that ADA’s new capital is low, but nevertheless said liquidation levels and buying and selling pressure delta data suggest that ADA may be forming a solid foundation.
If optimism returns to the crypto market, ADA could jump above $1.00 at this point.
The analyst noted that ADA has recently trended above its 720-day moving average twice, which is a good sign. If the 720-day moving average support holds, ADA could quickly move towards $1 in the next bullish phase.
3) Chainlink (LINK): Analysts noted that speculative on-chain data such as the MVRV ratio is still positive, but relatively weak compared to other uptrends. This suggests that LINK needs an influx of fresh capital to reignite investor interest. The analyst noted that while selling pressure has been prevalent at Link recently, the buy/sell pressure delta is negative, which typically indicates a price bottom.
The analyst noted that the major moving averages are working reliably for LINK, and said that starting in 2024, every time LINK’s price falls below all major moving averages, it presents a great accumulation opportunity.
According to analysts, LINK, like ADA, has recently trended above its 720-day moving average, which is a good sign.
The analyst recently pointed out that if LINK rises above $25, investor confidence will increase and the uptrend will resume.
*This is not investment advice.
