Sushi, Chainlink, Aave Market Analysis for 22nd January 2021

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Bitcoin’s valuation has undergone a steep price reversal over the last 24 hours, with the blockchain noting an 8 percent fall on the graph. As predicted, considering the strong correlation of altcoin market shares with BTC, prominent altcoins like Chainlink, Aave, and Sushi all pushed closer to their respective support levels as their prices also dropped on the charts.

Sushi [SUS HI]

Source: SUSHI/USD, TradingView

Sushi’s price decreased by about 5%, with the same volume at about $6.4 at the time of publishing. The last few trading sessions saw coin trading at $7.4 and help at $6.1 within the tight limits of its resistance range.

Taking into account the technical factors of the coin, this low-volatility price behavior was unlikely to change in the short term. The Bollinger Bands started to decrease in width and indicated low price uncertainty for the coin. Finally, the RSI was close to the neutral zone and suggested that the price was stabilizing.

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Chainlink [LINK]

Source: LINK/USD, TradingView

At the time of writing, Chainlink was ranked 8th on the CoinMarketCap list and, having seen its trading price decline by more than 6 per cent in 24 hours, the coin traded at $19.7. Connection has a 24-hour trading volume of $4 billion and a market value of about $8 billion. At the time of the press, LINK was trading very close to its support at $18.9 and, if the support is broken, LINK will be able to revisit the $16 price range in the coming days. There were already two high support ranges at $21.4 and $23.2 if the uptrend starts.

At press time, the technical indicators for LINK did not look very good and suggested a further dip in the market. The MACD indicator underwent a bearish crossing, with the signal line heading past the MACD line.

To a certain point, the RSI measure agreed with this sentiment. However, after spending time in the oversold zone, the RSI was creeping closer to the neutral zone, which may be an indication that LINK’s price drop was slowly stabilizing.

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Aave [AAVE]

Source: AAVE/USD, TradingView

Although Chainlink experienced a reasonably significant price decline, the downtrend of Bitcoin caused just a small correction for Aave. The cryptocurrency has seen a marginal price drop of just over 1% in the last 24 hours, with crypto priced at about $180 at press time. The coin has a market value of $2.1 billion and a 24-hour price of $798 million. As per the 4-hour map, the latest price candle was incredibly close to challenging resistance at $189, and if there was a downtrend, Aave could count on two solid supports at $158 and $136.

The EMA ribbons contributed to the resistance of the coin. However, the Stochastic indicator was in the neutral zone and was expected to be going into the over-purchased zone in the coming hours, which is likely to result in Aave attempting to crack the $189 mark.


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