354 Interactions, 4 today
Cardano traded within a range and was getting close to the midpoint of the range. Filecoin could fall to $101 if it falls below $122, according to Chainlink.
Cardano’s price stayed within the existing range of $1 to $1.47. The midpoint of this range is at $1.23, which is a significant location for ADA bulls in the short term. There was some bullish energy behind ADA, which saw it rising from $1.04 to $1.25 before succumbing to selling pressure and dropping down to $1.18.
The Chaikin Money Flow indicator showed an equilibrium between buyers and sellers, while the Directional Movement Index had both ADX (yellow) and +DI (blue) over 20, but only only.
For a bullish scenario to evolve within the next 48 hours, ADA would rise above $1.23 on above-average trading volume; this will open the door to ADA rising to $1.48 in the coming days. Rejection would almost definitely result in ADA reverting to $1.02.
Chainlink climbed above a previous supply area and briefly fell below the $26.7 mark before rising further above. The RSI also climbed above neutral 50, reaching a value of 56, which is translated as mildly bullish.
LINK faces some opposition at the $27.5 mark, which it must overcome. If this is not done within the next few hours, Connection will fall back to $26.
The 1-hour chart was chosen to demonstrate the probability of a short-term consolidation for FIL between $122-$138. An earlier review revealed a bearish divergence, as well as the fact that a deeper pullback was not needed, and it hasn’t yet.
There is a demand zone about $118, but a drop below $122 could cause FIL to retrace much more to $104. MACD suggested that bullish traction was diminishing, and a break below the zero line might signify a step further south.
Finally, a scalp trader may attempt to sell the short-term range from $122-$138. A longer-term trader would like to see either a breakout above previous highs at $139.6 or a deeper retracement to the 50% mark at $101.