Yerevan (CoinChapter.com) — Wink bounced by up to 58% after crashing to its three-month low of $0.0002840 on June 22.
The massive move uphill came in line with a similar bounce all across the cryptocurrency board. As what happens most of the times, WINK bulls watched Bitcoin, the king cryptocurrency, recovering from its own below $30,000-levels, insofar that they crossed above $34,700 in the previous 24 hours.
As a result, the altcoin merely performed a copycat rally. Have a look at the chart below, for a change.
Analysts have suddenly turned bullish on Bitcoin. The flagship digital asset has walked into the $30,000-support territory three times since May 19. Every recent dip towards the said level has prompted traders to predict further price declines towards $20,000. But it just bounces back.
Low-cap altcoins merely tail the trend. Wink is no different. The chart has followed the Bitcoin price moves religiously, albeit with a slight lag. And if history is evident, it might continue to do so.
That said, let’s jump into the analysis part. Is Wink bullish or bearish?
Wink Falling Wedge
Wink looks bullish. The token has been trading lower inside a descending channel pattern that appears like a Falling Wedge. In detail, WINK/USDT formed a series of lower highs and lower lows, with its daily trade volumes declining in tandem. Technically, traders interpret it as a sign of an eventual bullish breakout.
So that’s how it happens. Wink trends lower inside a Falling Wedge pattern; it reaches the apex (where trendlines converge) and breaks out to the upside by as much as the maximum Wedge height. In Wink’s case, the Wedge height is $0.0022. The point at where Wedge trendlines meet is roughly $0.002501.
That said, the next Wedge breakout expects to take WIN/USDT up by at least (0.0022+0.002501). Use a calculator, please.
Nevertheless, if Bitcoin screws up its upside gains, then expect Wink to invalidate its bullish pattern.