The cryptocurrency market has suffered losses in the past few days, but the momentum will be positive as we head into the weekend
The cryptocurrency market has seen bearish sentiment in the past few days, with the price of Bitcoin falling below $ 46,000 earlier this week. Ether also fell below the $ 3,100 mark as negative movement persisted.
However, at the beginning of the weekend, the market slowly begins to recover. The prices of Ether, Chainlink and IOTA are entering the green area and could see further price gains over the weekend.
Ethereum price outlook
Ether is trading above the $ 3,100 mark after rising less than 1% in the past 24 hours. The cryptocurrency would have to move above the $ 3,133 pivot to ensure that it surpasses the main resistance point of $ 3,211 in 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, should bearish sentiment return, Ether could fall below the first major support level of $ 3,016. The second major support level at USD 2,938 should limit further bearish move.
Chainlink price outlook
Chainlink had underperformed for the past seven days, but it’s starting to bounce back. The LINK / USD 4 hour chart is in bearish territory but could soon reverse the situation. If so, LINK could attempt to break the first major resistance level above the $ 26 mark. In the event of a longer rally, LINK could make a move towards the USD 30 resistance point.
LINK / USD 4 hour chart. Source: TradingView
Since the technical indicators of RSI and MACD are still in the bearish area, LINK could still record some losses. LINK could fall towards the USD 22 pivot level. The second major support level at $ 18.35 should limit further downside unless there is a prolonged sell-off.
IOTA price outlook
IOTA is also in the bearish zone, having lost 2.5% of its value in the past 24 hours. The cryptocurrency could try to offset recent losses over the weekend as the bulls regain control of the market. If that happens, the IOTA / USD pair could break the resistance point at $ 1.10 in the coming hours. An extended market rally could cause it to hit the $ 1.19 region.
IOTA / USD 4 hour chart. Source: TradingView
However, if the bearish cycle continues, IOTA could fall below the USD 0.95 support level in the next few hours. A prolonged sell-off of the market could result in IOTA taking further losses and trading around the $ 0.79 level.