Weekly analysis: ETH, LINK and IOTA looking to overturn recent losses
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.