Bitcoin’s bounce from $38k has spurred many altcoins to see near-term bullish strain as properly. Chainlink was one such coin, whereas Solana additionally confirmed the potential of a bounce. Cosmos confronted sturdy resistance at $102.
Solana (SOL)
Supply: SOL/USDT on TradingView
The Quantity Profile Seen Vary device confirmed the Level of Management for SOL to lie at $102, primarily based on the previous ten days’ value of buying and selling. Inside this time interval, SOL was unable to interrupt previous the $109 resistance stage however was additionally unable to interrupt the $95 help stage.
Previously few days, the market construction has been bearish. The value slipped beneath the POC and, on the time of writing, the bulls and bears have been preventing for management of the $100 stage. The CMF indicators confirmed sturdy promoting strain over the day before today and appeared to be on the verge of slipping beneath the -0.05 mark to point out heavy promoting.
The MACD, however, was above the zero line to point out bullish momentum and gave a purchase sign. Nonetheless, the general development on the decrease timeframe stays bearish as $102 stays a resistance zone.
Chainlink (LINK)
Supply: LINK/USDT on TradingView
Chainlink shaped an ascending triangle sample (white) over the previous couple of days after a pronounced downtrend up to now week. This sample usually sees a breakout upwards.
In help of this, the Superior Oscillator climbed again above the zero line to point out bullish momentum. The A/R line additionally noticed a bounce to point out the presence of demand and shopping for quantity.
Nonetheless, the market construction on increased timeframes remained bearish. Somewhat than shopping for a breakout, promoting a retest of the $13 stage or the $13.4 provide zone can be the extra advantageous commerce because it goes with the bigger development.
Cosmos (ATOM)
Supply: ATOM/USDT on TradingView
ATOM appeared to kind a triangle sample. This was solely indicative of compression on the value charts earlier than its subsequent main transfer. Proof at hand confirmed {that a} downward transfer was extra seemingly.
The RSI was a fence straddler because it hovered across the impartial 50 line up to now few hours. Like the value, the RSI was indecisive too. The OBV offered a clearer image.
In white is a horizontal resistance on the OBV, and this stage has been examined on the OBV the day before today, adopted by a rejection. Therefore, it highlighted how sellers have been nonetheless dominant available in the market. There may be additionally a help stage at $21.04, and a session shut beneath this stage may see ATOM dive towards $20.
