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Crypto prices remain sideways as Bitcoin and Ethereum depict an indecisive price action. After struggling to gain momentum above the $43,000 resistance, BTC price fell to $42,222 in the final hours of Sunday. After a 1.12% uptick, the leading digital asset is retesting $43,000 once again on a Monday morning.
Side by side, the Ethereum price is also experiencing some greenery on the first trading session of the week. At press time, ETH is changing hands at $2,308 on crypto bourses. However, the overall cryptocurrency market remains sideways, with a few altcoins like Chainlink (LINK), Ronin (RON), and PENDLE catching most of the bids.
On the daily timeframe, BTC/USD still respects the $44,450-$40,222 trading range. The bulls are fighting to flip the middle of this range into a support level. A retest of the range highs will become the most likely scenario if this happens.
However, if bears successfully push the price below $42,366, a move towards $40,222 will be on the cards.
The LINK price has been on a tear lately. In the first five days of the month, the Oracle coin has generated more than 21% gains. The uptrend is likely to continue if the broader market sentiment remains favorable. The move is supported by a very strong increase in the trading volume. In the past 24 hrs, $937 million worth of LINK tokens have changed hands on the crypto exchanges.
Chainlink seems to be heading toward the February 2022 peak of $19.54. The only possible resistance could be the top of the ascending channel, as shown in the following chart.
The parabolic bull run of the native asset of the Ronin blockchain, known as RON, continues as it has soared to its highest level since February 2022. The market participants are considering RON crypto as a primary asset to gain exposure to GameFi.
It appears that it's only a matter of time before RON/USDT hits a new all-time high, as it is already trading above the $3.40 resistance. The upside could be massive if it flips this key level into support.
After two consecutive red days, the altcoin market dominance (Total 3) turned green on Monday. This is due to the positive ETH price action. The pioneering smart contract asset is up $1.26% today, giving altcoin buyers more confidence to go long.
Considering the recent price action, most traders are betting on another retest of the $2,400 level with a clear invalidation below $2,250.
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