THETA, Chainlink, Ethereum Price Movement Analysis for 23rd April, 2021

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The altcoin industry has managed to demonstrate Bitcoin’s major impact on it. BTC plunged below the $50,000 price range, and it didn’t take long for the rest of the industry to follow suit. This culminated in a 15% price decline for Ethereum, the market’s biggest altcoin, right after it traded at an ATH.


Source: THETA/USD, TradingView

Theta’s price plummeted by 25% and was trading at $8.4 with a market capitalisation of $8.2 billion, rendering it the market’s 18th biggest cryptocurrency. If the bearish momentum continues, Theta can quickly challenge its immediate support at $6.5. However, if a trend turnaround occurs, the coin would need to break through the $10.4 price mark, which is likely to have considerable resistance.

The technical indicators point to a rather bearish outlook for Theta for the next week. The MACD indicator had made a bearish crossover, and a turnaround may take some time. The RSI, which was in the oversold zone, came to a similar conclusion.

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Chainlink [LINK]

Source: LINK/USD, TradingView

Chainlink’s price has been on a downward trajectory since April 15 and has seen heightened uncertainty in the last two weeks. The bearish mood has been exacerbated in recent days, and the coin is currently trading at $32.1, very close to checking its immediate support at $30.2.

The coin has a wide support range between $30 and $26 in price, which could help to halt the coin’s current downtrend. If the coin recovers, there is high resistance at $39 to the upside.

Bollinger Bands began to widen, indicating greater variance in LINK’s price activity. The MACD indicator made a bearish convergence, and a turnaround is unlikely in the next 24-48 hours.

Ethereum [ETH]

Source: ETH/USD, TradingView

Ethereum had dropped nearly 15% in the previous day and was trading at $2216. If the bearish momentum continues and the coin falls down, it has two solid support levels at $2097 and $1894. However, if there is a bounce back, ETH could jump towards resistance at $2546 – however, considering the current market situation, such a move is unlikely in the short term.

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The MACD indicator has crossed over to the bearish side, with the signal line going above the MACD line. Since a large number of its customers left the market, the stochastic measure was in the neutral zone.

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