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Chainlink’s brief recovery of more than $28.5 was immediately denied by the sellers, who were targeting the above level at the time of publishing. ATOM threatened to break down from $18.7 funding, while Zcash could be up for further losses to the $140.3 mark.
Chainlink’s uptrend has been cut short at $31.85 resistance, and selling pressure has sent prices south over the last five days. Even the attempt at a bullish revival was quickly dismissed by the bulls, who saw $28.5 in support at the time of publishing. Weekly gains have now been reduced to just 1.5 percent as Connection remains in the top 10 crypto rankings.
The lower lows on the OBV were a worrying sign for the bulls and suggested that the cryptocurrency might be looking at further losses if the present support mark had been broken. The CMF revealed a clear market association and suggested that the institutional outflows were responsible for the recent price behaviour.
Losses in the last 30 days have now amounted to 11.7% and have illustrated the woes of Cosmos after the wider market pull back in late February. The only bullish trend since then has resulted in the recovery of $18.7 of resistance. That point was also threatened at the time of publication, following the emergence of consecutive bearish candlesticks on the four-hour timeframe.
The Stochastic RSI reversed the direction of the overcrowded field, while the MACD closed on a bearish crossover. A fall below the present support mark will present the next line of defence at $16.6. On the plus hand, sellers will be able to invest in long positions at a cheaper price if the split took place.
Zcash met with some rejection by the bears when the price jumped south as soon as the $160-mark approached it. The Bearish twin peak setup on the Awesome Oscillator signalling that ZEC bulls would need to defend $140.3 of support in the upcoming sessions in the context of an extended bearish outcome. Volatility, according to the Bollinger Bands, avoided the market, which did not allow for significant price fluctuations.
Any convergence between the current channel can be anticipated in the short term as ZEC remains vigilant for the wider market. On the other hand, a sudden dip to $124.41 support might spur any sales on the market.