CHAINLINK ANALYSIS: JUNE 2021
Technical:
Chainlink is a tokenized oracle network that provides price and events data collected from on-chain and real-world sources. Here’s the price analysis of chainlink.
Currently, chainlink is trading at $18.22. Chainlink gave a breakdown of a critical support zone and has been forming lower-highs and lower-lows on the daily time frame, a clear bearish trend. The coin fell sharply after it faced a rejection from the supply zone of $25.08. It has retested to its next resistance level near $19.
Moreover, its 50-day exponential moving average crossed below its 200-day exponential moving average which is yet another bearish indication. The coin is trading below all three moving averages, 20-day, 50-day and 200-day moving averages. The fall is supported by the huge selling volumes, almost twice the size of the usual volumes.
Source: tradingview
Market Sentiment:
The Relative Strength Index is signalling weakness ahead for the coins, currently positioned at 32.98. It is moving closer towards the over-sold region steadily. The MACD has crossed below the signal line giving a fresh ‘sell’ signal to investors. The price action and indicators are showing weakness for the coin in the upcoming weeks.
Source: tradingview
Conclusion:
Chainlink is heading towards its next support region which stands at $13.91. On a breakdown of the said level, the coin will face massive selling pressure which will pressurize the coin for the targets of $10.59 and $9.61.
This can only be possible if the current bearish volumes continue to prevail in the market. If the coin shows signs of bullish reversals, upside targets are placed at $25.32 and $27.87. However, looking at the charts and the broader crypto market, upside remains restricted.
EOS ANALYSIS: JUNE 2021
Technical:
EOS is a highly performant open-source blockchain platform, built to support and operate safe, compliant, and predictable digital infrastructures. EOS is currently trading at $3.74. The coin made a head-and-shoulder pattern on the daily time frame, which is considered to be a textbook bearish pattern. Recently, the coin gave a breakdown of the neckline of the pattern and is heading towards the next demand zone.
The weakness in the coin can be seen due to the dry yet bearish volumes. In addition to that, the coin is trading below its 50 and 200-day exponential moving average and recently its 20-day moving average crossed below the 200-day moving average which should caution investors.
Source: tradingview
Market Sentiment:
The Relative Strength Index has entered the over-sold region recently, indicating heavy weakness for the coin in the upcoming days. It stands at 28.83. Until it gets out of the over-sold region, the coin may remain sideways with a negative bias.
The MACD is below the signal line giving out a ‘sell’ signal for investors. The weakness may continue due to the weakness in the overall market.
Source: tradingview
Conclusion:
EOS has given a breakdown of the neckline of the head-and-shoulders pattern and it heads downwards to its next demand zone of $2.49.
On further breakdown, the next target would be $1.99. If a bullish reversal is seen, although unlikely, the resistance zone is placed at $4.45 and the next target would be $5.37 on the upside.
JUV ANALYSIS: JUNE 2021
Technical:
JUV is one of the recent cryptocurrencies, incepted in December, 2020. The coin had made a rising wedge formation since mid-March and gave a breakdown during the crash. Since then, the coin has been consolidating in a descending triangle. JUV gave a breakdown of that support zone too, due to negligible volumes and weakness in the global markets. The coin is facing resistance from its 50-day exponential moving average. It currently stands at $7.11.
Source: tradingview
Market Sentiment:
The Relative Strength Index has given a steep negative divergence and is on the verge of being into the over-sold region. It is currently positioned at 31.61. The MACD crossed below the signal line giving a fresh ‘sell’ signal to investors. Further downside could be seen due to negligence in volumes.
Source: tradingview
Conclusion:
After the breakdown of a good support base, the coin is headed towards its next target on the downside of $4.74. The future of JUV is very bleak if it fails to show any signs of reversal. Upside movement is capped unless any bullish volumes are seen.
