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LINK, BCH and DOT Price Analysis for October 8

Can Bitcoin Cash (BCH) remain the fastest growing altcoin?

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Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The situation has completely changed on the cryptocurrency market as all coins from the Top 10 list have switched to green. Mainly, Bitcoin Cash (BCH) is the top gainer, rising by almost 5% since yesterday.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The main statistics for Chainlink (LINK), Bitcoin Cash (BCH) and Polkadot (DOT):

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin Cash

BCH

$4,244,192,549 $228.93 $1,500,224,577 4.79%

Chainlink

LINK

$3,085,114,217 $8.81 $980,167,808 1.15%

Polkadot

DOT

$3,255,771,828 $3.82 $523,808,589 2.96%

BCH/USD

Bitcoin Cash (BCH) is the top gainer among the Top 10 coins. The rate of the Bitcoin fork has rocketed by 4.79% over the previous 24 hours.

BCH/USD chart by TradingView
BCH/USD chart by TradingView

On the daily chart, Bitcoin Cash (BCH) has just got emerged from the consolidation phase that lasted for one month. In this case, the ongoing growth is unlikely to be a false rise.

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The altcoin is going up with high liquidity support, as well as growing trading volume. Thus, the RSI indicator has formed a bullish divergence that supports the rise. In this regard, the resistance of $245.63 may be attained by mid-October.

Bitcoin Cash is trading at $231.68 at press time.

LINK/USD

Link is also located in the short-term bullish zone. However, the growth has not been so sharp. The price change has constituted +1.75% since yesterday.

LINK/USD chart by TradingView
LINK/USD chart by TradingView

On the daily time frame, the volume is located at the lowest level, which means that sharp movement is likely soon. From the technical point of view, growth is more likely than a fall as most of the liquidity is focused around $10. In addition, the MACD is still located in the green zone.

Chainlink is trading at $8.87 at press time.

DOT/USD

Polkadot (DOT) has shown better price performance than Chainlink (LINK) but worse than Bitcoin Cash (BCH). The rate has increased by 2.96%.

DOT/USD chart by TradingView
DOT/USD chart by TradingView

Polkadot (DOT) has touched the far retest zone at $3.60 and bounced off. From the technical perspective, one may expect a slight correction as bears have already run out of fuel based on low liquidity. Even though it is too early to consider the trend change, buyers may get the price of DOT to $4.27 shortly.

Polkadot is trading at $3.84 at press time.

 

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com