Chainlink and Avalanche: Buy or Sell?

Overview of Chainlink and Avalanche

  • Chainlink is a decentralised oracle network that is built on Ethereum and connects smart contracts securely.
  • Avalanche is an open, programmable smart contract platform for decentralised applications.

Chainlink and Avalanche market structure has been discussed here.

Chainlink:

Currently trading at $33.62, is down by 3.08%, shows a very strong buy signal. Here’s the market structure of Chainlink:


Chainlink started the day at $35.18 levels, reached early intraday high of $35.46 levels, before showing a reversal. The early intraday low stands at $33.97 levels. On the daily chart, Link has been consolidating between $33.17and $34.03 levels. Chainlink tested first resistance level at $34.03, while leaving the support level at $32.84 level untested today, thereby having late intraday low at $33 level. On the hourly chart, Chainlink is consolidating in a bullish flag pattern and is likely to breakout at $33.5 levels.

https://in.tradingview.com/
Market Indicators:

Relative strength Index: The RSI is currently moving down towards 40 levels and perhaps has the potential of moving further down showing price weakness.

Fibonacci Retracement levels: 23.6%: $33.91, 38.2%: $34.73, 61.08%: $36.05

Major support level: $32.60

Major resistance level: $35.39

https://in.tradingview.com/
Conclusion:

The strong buy region ranges somewhere between $33.18 and $34.05. Contrary to it the major sell region ranges between $34.35 and $35.45.

Avalanche

Avalanche is currently trading at $82.02 level, down by 6.62%. The market structure of Avalanche has been discussed further.

Avalanche, started off the day at $88.09 levels, reached early intraday high at $89.87 levels, before sliding to an intraday low at $85.29 levels. Testing the first major resistance level at $87.82 level, Avalanche lost its momentum late. On the daily chart, Avalanche tested the first major support level at $83.50 to a late intraday low at $83.13 levels. On the hourly chart, the coin has been consolidating between $82.71 and $82.36 levels.

Looking at the current momentum, Avalanche is most likely to breakout on the upside.

https://in.tradingview.com/
Market Indicators:

Relative strength Index: The RSI is currently moving down towards 50 levels, showing mild price weakness.

Fibonacci Retracement levels: 23.6%: $84.02, 38.2%: $85.14, 61.08%: $86.94

Major support level: $82.22

Major resistance level: $88.22

https://in.tradingview.com/
Conclusion:

Avalanche’s strong buy region extends from $82.43 and $84.01 levels. The major support level sits at $82.22 levels, falling below which will bring the second major support level at $. The sell region is between $88.40 and $89.98 levels. Avalanche has the potential to very soon touch $90 level.

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