Polkadot, Chainlink, Ethereum Classic Price Movement Analysis for 9th June, 2021

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Polkadot faces an uphill battle to rebound from recent lows given the asset’s stifled purchasing demand. Chainlink, which had been fluctuating between its confined range since the beginning of June, had a negative trend after breaking through a critical support level. Finally, throughout the last week, Ethereum Classic had minimal volatility and lower volumes.

While all three assets showed a negative trend, Polkadot and Chainlink may be on their way to bigger recoveries, while Ethereum Classic may be in for further consolidation.

Polkadot [DOT]

Polkadot’s Gavin Wood, on June 8, announced the schedule and some recommendations for the rollout of Parachain Slot Auctions, by which projects can secure a lease to build on Polkadot’s Kusama network.

DOT had a good start to the month, showing indications of recovery following the May 19 price drop. The currency increased by over 40% in three days before plummeting by 27% in the following week. At the time of publication, DOT was trading at $21.3 and ranked 9 on CoinMarketCap.

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The asset’s Relative Strength Index indicated that selling pressure was prominent, with the indicator fluctuating between 28 and 33. Diverged Bolinger Bands, on the other hand, indicated more volatility, which might lead to a wider price range in the near future.

Furthermore, Awesome Oscillator indicated that bullish momentum was building for the asset, which might cause the price to rise. Following the price decline on May 19, DOT was spotted swinging between $19 and $28.2 support and resistance.

 

 

Chainlink [LINK]

Source: LINK/USD, TradingView

According to Chainlink’s 4-hour chart, the cryptocurrency has been consistently setting lower highs since the middle of May. In retrospect, a recent investigation revealed a paucity of retail traders in the Chainlink market, which might have had an impact on LINK’s short-mid trajectory.

At press time, the 14th ranked asset on CoinMarketCap had had a 29 percent price drop since the beginning of June and had challenged the $24 support many times. The Relative Strength Index for LINK indicated that the asset was oversold. At the time of writing, the indicator was hovering just around 30.

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Moreover, Chaikin Money Flow pointed towards more capital outflows than inflows, as the indicator maintained its position below the zero-line.

 

Ethereum Classic [ETC]

Source: ETC/USD on TradingView

At the time of publication, Ethereum Classic was trading at $56 and ranked 21 on CoinMarketCap. Short-bodied candlesticks on ETC’s 4-hour chart indicated that the asset’s price motion was constrained. Furthermore, it fell 17.5 percent in the past two days and hit the $50.3 support level on June 8.

The Squeeze Momentum Indicator, on the other hand, indicated that bearish pressure was dissipating. Furthermore, on June 8, the Relative Strength Index indicated its rebound from the oversold zone. However, selling pressure remained strong for the asset. This rebound, along with easing negative pressure, might indicate a trend reversal for the asset.

 

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