The sideways chop of Bitcoin (BTC) and Ethereum (ETH) prices continues as both cryptocurrencies struggle to break above the low timeframe resistances. This week's sell-off in the traditional markets is also weighing on the crypto prices as a Fed rate cut in March becomes less likely.
Nevertheless, altcoins like Chainlink (LINK) and Bittensor (TAO) continue to outperform the overall crypto market with remarkable surges since the start of this week. In the last two weeks, LINK has seen a 31% surge, making it one of the best performers among the top 100 digital assets.
After having a massive correction in the first half of January 2024, Bittensor has been on a parabolic run. On Tuesday, TAO price hit a new all-time high of $503. This translates into a 16% gain in the last 24 hours. However, the altcoin may now face some selling pressure around the major psychological barrier of $500.
The technical analysis further reveals that the uptrend in Bittensor is likely to continue if it flips the $480 resistance into support. This may lead to a push toward a retest of the diagonal resistance line around $575.
In yesterday's Chainlink analysis, I gave the price target of $19.54. This target was perfectly met on Monday as the LINK price peaked at $19.80. However, it failed to close above the February 2022 peak and was down 0.71% on Tuesday.
In case of a breakout above $19.54 weekly resistance, the Chainlink rally may catch fire with the price targets as high as $28.75 on the cards. However, such a move is only likely if the Bitcoin price breaks above $44,500 resistance level. A sudden weakness in BTC from here can test the investors' faith in altcoins.
In a surprising turn of events, Monday's Binance listing proved to be the top for the remarkable rally by Ronin Network. The native asset of the gaming-focused blockchain, RON, has tanked 27% in the last 24 hours. It seems that many whales took the Binance listing as an opportunity to grab liquidity.
In case of a deeper pullback, the price might be supported by the upward trendline around $2.25, as shown below. To avoid this bearish outlook, bulls need to break the $3.41 resistance, which caused the recent sell-off.
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