At press time, the entire market appeared to be on a downward trajectory. The global crypto market capitalization followed the trail recording almost a percent decline daily.
VeChain and EOS were poised for price action to the south towards their support levels as there was mounting downward pressure and low buying volumes for the two digital assets. Chainlink was seen too far below its moving averages heading towards the bears.
Chain link (LINK)
Since the past 24 hours, Chainlink is down one percent, trading just above its immediate support at $ 10,256
LINK also failed to keep its price above its 20 and 50 period Moving averages, with the 20 SMA (blue) below the 50 SMA (yellow), a clear sign of bearish momentum
Also indicating the strengthening of the bears, it was signaled by the strong presence of selling momentum visible from the bearish cross at MACD.
The downward price action indicated by MACD and the two SMAs suggested that selling pressure could push prices below the $ support level for the next few days.
At press time, EOS witnessed a bearish break below its trend line and posted almost a 9% loss over the past week.
Resting below zero, the Chaikin money flow The indicator also revealed bearish sentiment in the EOS market. Relative Strength Index He did the same as he launched himself into the oversold territory.
If the bears continue to march, EOS could witness a further slide towards the support level at $ 2,499
VeChain for the past week has been consistently dropping lows, noticing a downward price trend. At the time of writing this article, it was moving just above the $ 0.0105 support level.
In fact, the Awesome oscillator it remained negative in the short term as it made a bearish crossover below the zero line.
The dotted lines of the Parabolic SAR above the candles hinted at a downward price trend for upcoming trading sessions. However, a reversal was also unlikely given the downtrend observed in the short-term trend observed by the AO.
There was a high probability that prices would not build around the $ 0.0105 support level, and it could be seen to be moving down, maintaining bearish resistance.
This is a machine translation of our English version.
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