The cryptocurrency market has sustained losses over the past few days, but the momentum is becoming positive as we head into the weekend
The cryptocurrency market has seen bearish sentiment over the past few days, with Bitcoin’s price dropping below $46,000 earlier this week. Ether also dropped below the $3,100 level as the negative movement continued.
However, the market is slowly starting to recover as we enter the weekend. The prices of Ether, Chainlink and IOTA are entering the green zone and could record more gains over the weekend.
Ethereum price outlook
Ether is trading above the $3,100 mark after rising by less than 1% over the past 24 hours. The cryptocurrency would need to move above the $3,133 pivot to ensure it surpasses the $3,211 major resistance point over the coming hours. In the event of an extended market rally, Ether could test the second major resistance level at $3,329.
ETH/USD 4-hour chart. Source: TradingView
However, if the bearish sentiment returns, Ether could fall below the first major support level at $3,016. The second major support level at $2,938 should cap further downward movement.
Chainlink price outlook
Chainlink had underperformed over the past seven days, but it is starting to recover. The LINK/USD 4-hour chart is in bearish territory, but it could reverse the situation soon. If that happens, LINK could look to break past the first major resistance level above the $26 mark. In the event of an extended rally, LINK could make a move for the $30 resistance point.
LINK/USD 4-hour chart. Source: TradingView
With the RSI and MACD technical indicators still in the bearish zone, LINK could still record some losses. LINK could drop towards the $22 pivot level. The second major support level at $18.35 should cap further downward movement unless there is an extended market sell-off.
IOTA price outlook
IOTA is also in the bearish zone after losing 2.5% of its value in the past 24 hours. The cryptocurrency could look to recover recent losses over the weekend if the bulls regain control of the market. If that happens, the IOTA/USD pair could break past the resistance point at $1.10 over the coming hours. An extended market rally could see it reach the $1.19 region.
IOTA/USD 4-hour chart. Source: TradingView
However, if the bearish cycle remains, IOTA could drop below the $0.95 support level over the next few hours. An extended market sell-off could see IOTA record more losses and trade around the $0.79 level.
The cryptocurrency market has sustained losses over the previous few days, however the momentum is turning into constructive as we head into the weekend
The cryptocurrency market has seen bearish sentiment over the previous few days, with Bitcoin’s value dropping under $46,000 earlier this week. Ether additionally dropped under the $3,100 degree because the damaging motion continued.
Nevertheless, the market is slowly beginning to get better as we enter the weekend. The costs of Ether, Chainlink and IOTA are coming into the inexperienced zone and will file extra positive aspects over the weekend.
Ethereum value outlook
Ether is buying and selling above the $3,100 mark after rising by lower than 1% over the previous 24 hours. The cryptocurrency would wish to maneuver above the $3,133 pivot to make sure it surpasses the $3,211 main resistance level over the approaching hours. Within the occasion of an prolonged market rally, Ether may check the second main resistance degree at $3,329.
ETH/USD 4-hour chart. Supply: TradingView
Nevertheless, if the bearish sentiment returns, Ether may fall under the primary main help degree at $3,016. The second main help degree at $2,938 ought to cap additional downward motion.
Chainlink value outlook
Chainlink had underperformed over the previous seven days, however it’s beginning to get better. The LINK/USD 4-hour chart is in bearish territory, but it surely may reverse the state of affairs quickly. If that occurs, LINK may look to interrupt previous the primary main resistance degree above the $26 mark. Within the occasion of an prolonged rally, LINK may make a transfer for the $30 resistance level.
LINK/USD 4-hour chart. Supply: TradingView
With the RSI and MACD technical indicators nonetheless within the bearish zone, LINK may nonetheless file some losses. LINK may drop in the direction of the $22 pivot degree. The second main help degree at $18.35 ought to cap additional downward motion except there’s an prolonged market sell-off.
IOTA value outlook
IOTA can be within the bearish zone after shedding 2.5% of its worth prior to now 24 hours. The cryptocurrency may look to get better current losses over the weekend if the bulls regain management of the market. If that occurs, the IOTA/USD pair may break previous the resistance level at $1.10 over the approaching hours. An prolonged market rally may see it attain the $1.19 area.
IOTA/USD 4-hour chart. Supply: TradingView
Nevertheless, if the bearish cycle stays, IOTA may drop under the $0.95 help degree over the following few hours. An prolonged market sell-off may see IOTA file extra losses and commerce across the $0.79 degree.
