Cardano, Chainlink, Filecoin Price Movement Analysis for 6th June, 2021

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In the immediate term, Cardano was expected to fluctuate between $1.60 and $1.78. Chainlink may be denied over $30 and revert to $24-support. Finally, Filecoin was in danger of falling below $84.5.

Cardano [ADA]

Source: ADA/USD, TradingView

The Stochastic RSI showed a bearish divergence and some weakness in ADA’s climb from $1.51-1.88. A pullback on June 4 only exacerbated the situation, as ADA retraced about 10% in only two days of trading. Since the decline, ADA has mostly traded in a range of $1.60-$1.77, a range that is expected to be maintained in the next sessions. The crossover of the Stochastic RSI in the oversold zone predicted a bullish revival, although gains would be restricted at $1.89.

In fact, ADA’s market appeared to be prepared for scalping, with price fluctuations forecast within its present channel. MACD’s downtrend, on the other hand, indicated a negative result, and bulls would need to protect $1.68 from a harsher sell-off.

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Chainlink [LINK]

Source: LINK/USD, TradingView

A recent investigation highlighted to a shortage of retail traders in the LINK market, which might have implications for LINK’s short-to-medium term trajectory. A glance at the cryptocurrency’s 4-hour chart reveals that it has gradually produced lower highs since early May. Even prior to the May 19 sell-off, LINK was unable to maintain critical levels due to a lack of purchasing demand in the market.

In May, the Awesome Oscillator, a market momentum indicator, fell below the half-line for 15 days. LINK’s rise from $15-35 lacked conviction to trend higher, despite bulls’ attempts to recoup. Considering its top sloping trendline, LINK would be denied above $30 and focus would be on $24-support. Conversely, a rise above this upper ceiling could see gains up to $35. Lower highs on RSI confirmed with LINK’s price action and reflected backed a bearish outcome.

Filecoin [FIL]

Source: FIL/USD, TradingView

Filecoin’s rise from $70 to $95 was spectacular, but what’s more remarkable is that it held its higher levels despite a larger market drop on June 4th. On the downside, bearish momentum was building up on the Awesome Oscillator, suggesting that FIL may be headed for hefty losses. If it loses its press-time support, the emphasis will go to the defensive line at $75. A negative divergence on the RSI also showed that FIL’s movement was feeble.

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If the market becomes bullish, a significant resistance zone exists between $95 and $110.

 

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