The cryptocurrency market is currently experiencing a correction phase, with Bitcoin (BTC) exhibiting a downtrend. However, this pullback is seen as a temporary adjustment rather than a reversal of the overall bullish momentum.
The recent launch of Spot Bitcoin ETFs has had a positive impact on the market, injecting optimism and driving up prices of several altcoins, including Chainlink (LINK), Chiliz (CHZ), and Render (RNDR).
Chainlink (LINK): Potential for 16% Surge
Chainlink (LINK) has been trading within a broadening wedge pattern, indicating market uncertainty. However, the approval of Spot Bitcoin ETFs has boosted LINK’s price, with a 28% increase over the past two weeks.
Analysts predict a further 16% increase in LINK’s price, targeting the $18.3 resistance level.
Chiliz (CHZ): Poised for 25% Growth
Chiliz (CHZ) has been underperforming in recent months. However, a technical analysis suggests a potential rebound.
A head and shoulders pattern, often associated with market bottoms, is forming on CHZ’s daily chart. A surge in buying activity has pushed the price above a key resistance level.
Analysts predict a 25% increase, targeting a price of $0.134.
Render (RNDR): Recovery to $5.3
Render (RNDR) experienced a correction in December, falling over 36%. However, the price has stabilized above key support levels at $3.5 and $38.2% Fibonacci retracement.
Analysts predict a recovery to $5.3, supported by bullish indicators such as a potential MACD crossover.
Conclusion
The Spot Bitcoin ETF launch has injected optimism into the cryptocurrency market. Altcoins like Chainlink, Chiliz, and Render are positioned for potential gains. While the correction phase may continue, the long-term trend remains bullish, presenting opportunities for investors.
Credit: BITboosters