Chainlink, Cosmos, Aave Price Movement Analysis for 4th June

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Since Bitcoin retraced by 7% and plummeted back to $36,000, the larger cryptocurrency market has seen a wave of selling pressure. Chainlink, Cosmos, and Aave all plummeted by more than 10% and were looking for support levels on their individual charts.

Chainlink [LINK]

Chainlink’s rise was halted around the $32.5 resistance level as sellers re-entered the market. On the 4-hour chart, a few candlesticks broke below the $29-support and moved near to the next defensive barrier, which was around $24. Maintaining losses at $24 may result in some sideways movement, with a breakthrough possible if the larger market turns direction. Gains, however, would most certainly be confined to the maximum limit of $35.3.

After a few days of bullish trading, a bearish crossing in the MACD indicated that the bears had retaken control. Even the RSI dropped quickly and dipped below 40.

Cosmos [ATOM]

Source: ATOM/USD, TradingView

Cosmos’ surge failed to breach its 38.2 percent Fibonacci barrier ($17.6), and the bulls faced a loss of 23.6 percent Fibonacci level ($14.20) owing to selling pressure. In the event of a collapse, ATOM might return to the demand zone between $10.4 and $8.6, albeit there was some extra support above the $11 level.

RECOMMENDED READ:  Chainlink Price Movement Analysis for 21st February 2021

In a tumultuous market, the Momentum Squeeze Indicator revealed that bulls were fast losing power. A closing below $13 may potentially present some short-term chances. Since May 30, the RSI has shown a consistent increase, but that pattern was reversing when the indicator slid into negative territory at the time of writing.

Aave [AAVE]

Source: AAVE/USD, TradingView

Aave was no exception to the overall market slump, with its value falling by 12% in the previous 24 hours. At the time of publication, the price was hovering at the $248.2-support level, and a collapse appeared imminent based on its technicals. The Awesome Oscillator signalling increasing negative momentum and predicted a drop below the half-line. The dotted markers of the Parabolic SAR shifted above the candlesticks at the $405-resistance, indicating that a downtrend was in effect.

Despite the losses, AAVE’s safety nett was located between $209-285, and a prolonged sell-off would most likely be resisted inside this range.

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