Monero, Klaytn, Chainlink Price Movement Analysis for 4th May, 2021

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Monero needed to hold $388 against bearish pressure in order to break out over $440. Klaytn’s rebound was expected to be limited to less than $2.6, although Chainlink was expected to split north from its pattern and move for $49.

Monero [XMR]

Monero has grown at an exponential rate since the last week of March. A low of $204 on March 25 and a peak of $438 a week later marked returns of more than 110 percent. For the last few days, the rebound has been held back by resistance below $440, and some bearishness has been observed in the market. The Awesome Oscillator’s red bars indicated the energy was bearish, but the hourly timeframe did see an optimistic shift up. A large area of support was found at $388, and a split above $440 would be possible if this level was maintained.

Meanwhile, the ADX remained at 15 and indicated a slow trend. The amount of 24-hour trade increased by 40% in the last 24 hours, but it has yet to reach $1 billion. Expect any lateral rotation until the volumes increase any more.

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Klaytn [KLAY]

Source: KLAY/USD, TradingView

Kalytn has been in a slow downtrend on the 4-hour period since breaking an ATH just above $4. In reality, the majority of gains would have come from shorting as the price fell below several support thresholds. Volume allowed lower lows and lower highs as selling pressure prevailed during this time. Buyers eventually entered the market at about $1.7, but the rebound was limited to the upper end of $2.6.

Bollinger Bands remained constrained, and low volatility ruled out the risk of rapid price fluctuations in the short term. If the current support level is sustained, KLAY would most likely break through the $2.6 barrier.

Chainlink [LINK]

Source: LINK/USD, TradingView

Chainlink traded within an ascending triangle on the regular timeframe. The upper trendline was located about $43, and a breakout above this range was anticipated due to the bullish market conditions. The Squeeze Momentum Indicator showed a green bar, and the first light blue dot could indicate a buy signal. After slowly increasing over the previous few days, the RSI moved into the upper zone.

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The Fibonacci extension tool was used to present a few goals. The 100 percent extension was around $49-50, and the 127.2 percent extension was around $56. A surge in 24-hour trading volumes signalling that the market could be trending in the breakout direction, but more conviction was required.

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