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Chainlink approached $15.88, a level of resistance that has a confluence with the mid-point of the range it has been trading in over the past couple of days. Ethereum Classic attempted to flip the $7 resistance to support, and Compound saw increased selling volume even as its price climbed the charts.
Chainlink was trading within a range from $14.55 to 17.5 over the past few days. The 1-hour chart indicated that the momentum might be back on the side of the bulls, as the RSI rose above neutral 50.
Trading volume has yet to pick up, though. Considering this LINK move level by level, the mid-point of the range at $15.88 is quite important.
A rejection at this level would see LINK revisit $14.55 support while flipping this level from resistance to support would likely see LINK advance to test the $17.5 resistance.
In other news, Warp Finance announced their decision to integrate with Chainlink price feeds to secure the relaunch of the protocol, following a flash loan attack it was the victim of last month.
Ethereum Classic [ETC]
The Awesome Oscillator crossed over into bearish territory and posted red bars, while the Directional Movement Index showed a rising +DMI (blue) even as the ADX fell toward the 20 value.
Since the defense of $5, ETC has slowly conquered level after level of resistance. $7 could be the next level to fall to the bulls. The indicators, along with the price, suggested that ETC might undergo a period of consolidation in the vicinity of the $7 level.
Yet, a move past and retest of this level is likely to occur and would indicate further gains for ETC, with the next resistance at $7.5.
The OBV showed that buying volume was falling, even as the prices rallied from the $128 lows COMP registered in late December.
This bearish divergence indicated that a correction for COMP was likely to occur, although it gives no indication of when by itself.
The MACD was above the zero line but had formed a bearish crossover to give a weak sell signal.
If in the coming days, COMP faces a drop beneath the $170 level on good trading volume, this market conviction will likely be followed through to push the prices as low as $150.
Image Credit: Refer to Source
Author: Refer to Source Akashnath Sumukar