366 Interactions, 4 today
Chainlink traded in a narrow range of $33.1-$31.2, with low volumes working towards a bullish short-term result. BitTorrent Token was expected to split lower from a descending triangle, while Elrond outperformed predictions and continued to rise.
Despite being in an ascending pattern on the 4-hour timeframe, Chainlink remained within the $33.1-$31.2 channel on the 1-hour timeframe. However, the ADX has remained stable in recent sessions, indicating a poor trading trend.
Since approaching overbought territory, the Stochastic RSI have signalling a pullback. Weakening volumes over the last 24 hours have ruled out a breakout upward. If the market were to split in the other direction, there were two more points of protection at $30.29 and $29.3. Meanwhile, according to a recent article, LINK may be approaching the end of its new bull run.
And if it seemed that a crash had been avoided a few days earlier, BitTorrent Token was still far outside the boundaries of a descending triangle on the 4-hour map. This pattern was expected to reverse and reach support levels as low as $0.0063 or even $0.0052.
The RSI exhibited a weakening trend of lower peaks. A move into the oversold zone could result in a break below the pattern’s bottom trendline. The MACD line remained below the equilibrium level, showing that the stock is in a bear market.
Although a previous review predicted a breakdown, Elrond outperformed bearish forecasts and recorded a newer ATH after breaking through the $210.2-resistance. Trading volumes increased by 107 percent in the last 24 hours alone, totalling $426 million.
For the last two weeks, the OBV indicated that purchasing demand had increased. However, the RSI reached another overbought stage, indicating that a pullback was likely if it changed course in the coming sessions. Given the market’s bullishness, Elrond could go as far as $250 or even $260 before the reversal.