2 Best Altcoins To Buy Today: Chainlink (LINK) and Terra Classic (LUNC), are capturing the spotlight with their dynamic market performances and promising prospects. Chainlink, renowned for its decentralized oracle network, has been showing bullish patterns, asserting its dominance in the market. Meanwhile, Terra Classic intrigues investors with its fluctuating yet captivating market trends.
Chainlink has recently experienced a notable surge in its market performance. This past week, the value of Chainlink’s native token, LINK, rose by an impressive 24%. This marks a significant milestone, as the token reached $18.83 on February 03, 2024. This is its highest point since April 3, 2023, nearly two years ago.
As of now, the price of LINK stands at $17.90. This represents a slight decrease of 1.2% in the last day alone. The trading volume for Chainlink has witnessed a substantial decrease, escalating to over $1.13 billion.
The current market capitalization has surpassed $10 billion as of coinmarket data. This achievement solidifies its position among the top 20 cryptocurrencies by market value. Despite experiencing some downward trends in recent days, Chainlink has made a strong comeback. It overcame the $17.00 barrier and the $18.00 resistance level. This recovery positions it as one of the most promising altcoins for investment today.
Chainlink price chart: Tradingview
Since November 2023, LINK’s price has fluctuated between $13 and $18. Both bullish and bearish forces have been actively influencing its market value. This dynamic interplay highlights the volatile nature of the cryptocurrency market, where Chainlink remains a key player.
Chainlink’s Market Resurgence: Will LINK Hit $30 by the End of February?
If the current upward trend in Chainlink’s (LINK) market persists, the next major resistance level could be around the $20 mark. This would indicate a strong bullish phase for the digital currency. Conversely, if the bulls cannot sustain the price above the crucial $17 support level, there’s a risk that bearish trends might take over. This momentum shift could push the price below the $15 mark.
Additionally, the Moving Average Convergence Divergence (MACD) indicator shows signs of a bullish crossover. This is apparent as the MACD line approaches a crossover above the signal line, hinting at potential upward movement.
In a recent development, SpotOnChain, a renowned on-chain analytics company, shared insights on X (previously known as Twitter). They revealed that approximately 19 million LINK tokens have been introduced. Of these, 15.95 million LINK tokens, valued at about $287 million, were transferred to Binance, the largest crypto exchange globally.
19M $LINK ($341M) was unlocked from 3 Chainlink: Noncirculating supply contracts ~2hrs ago, of which:
• 15.95M $LINK ($287M) deposited to #Binance
• 3.05M $LINK ($54.3M) moved to Multisig 0xD50fSince Aug 2022, #Chainlink has unlocked 106M $LINK, and then moved 88.95M $LINK… https://t.co/tqzkKvxE4V pic.twitter.com/aTnEem5d0k
— Spot On Chain (@spotonchain) February 2, 2024
The other 3.05 million tokens, worth approximately $54.3 million, were moved to a Multisig address. This significant movement of LINK tokens across different addresses has caught the attention of market watchers, indicating active trading and potential strategic positioning within the cryptocurrency landscape.
Can Terra Classic Maintain Its Bullish Trend?
Terra Classic, known in the crypto market as LUNC, is experiencing slight fluctuations in its value. Currently, LUNC is priced at $0.00009467, indicating a 0.67% increase in the past 24 hours. However, looking at its recent performance over the last week, there’s been a dip of 6.75%.
This downward trend becomes more apparent monthly, where LUNC has shed a significant 230% of its value. Despite these fluctuations, LUNC’s market capitalization has seen a modest growth of 1%, reaching $548 million. However, its trading volume in the past day has decreased by 11%, now standing at $15 million.
LUNC price chart: Tradingview
The unpredictability of the crypto market plays a crucial role in the trajectory of cryptocurrencies like Terra Classic. Despite some algorithm-based predictions leaning towards optimism, the market’s inherent volatility and susceptibility to speculative actions remain pivotal factors. These aspects could dramatically influence LUNC’s value and the general market sentiment, making it a potentially intriguing option for investors looking for altcoins.
If LUNC encounters a downward trend, it will oscillate between $0.00008 and $0.00007 in the forthcoming days. This range has been its consolidation zone recently. Conversely, should the bulls gain dominance, LUNC could aim for the $0.0001 resistance level. Further bullish momentum might push it towards the $0.0002 mark in the near future. These speculative forecasts highlight the ever-changing and dynamic nature of the cryptocurrency market.
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