Cryptocurrency

Chainlink, MATIC, and SushiSwap Price Analysis: 17 May

Bitcoin dipped to $29.2k on 16 May however was in a position to climb again above $30k prior to now few hours. The heavy buying and selling quantity of the previous few days was unable to maintain BTC beneath $30k, and a bounce upward might be seen towards $32k and at the same time as excessive as $36k.

This, in flip, might see altcoins rally. However, Chainlink and SushiSwap didn’t appear to have heavy shopping for strain behind them simply but.

Chainlink (LINK)

Source: LINK/USDT on TradingView

Chainlink climbed previous the descending trendline resistance on the charts, however it nonetheless had the $8 horizontal degree of resistance to deal with. The RSI climbed previous impartial 50 to point out that momentum was beginning to sway towards the bullish facet on the decrease timeframes. It would want to climb previous 60 to point robust bullish momentum.

However, the A/D sloped barely downward, at the same time as the value tried to get better from the $5.7 lows. In the previous couple of days, the indicator confirmed that no important shopping for quantity was seen despite the fact that LINK approached the $8 mark.

Polygon (MATIC)

Chainlink, MATIC, SushiSwap Price Analysis: 17 May

Source: MATIC/USDT on TradingView

MATIC sunk to the $0.545 degree after the current wave of promoting strain, however at press time the value had managed to get better considerably. The $0.62-$0.72 zone (cyan field) represents a area of demand which was beforehand examined in July 2021. In that occasion, MATIC was in a position to rally from these lows to succeed in the $1.7 mark.

Could an identical situation unfold? The Awesome Oscillator was on the verge of climbing above the zero line, a sign that momentum was on the bullish facet. The Chaikin Money Flow additionally rose previous +0.05 on the hourly chart to indicate important capital movement into the market.

SushiSwap (SUSHI)

Chainlink, MATIC, SushiSwap Price Analysis: 17 May

Source: SUSHI/USDT on TradingView

A set of Fibonacci retracement ranges (white) was drawn based mostly on SUSHI’s drop from $2.176 to $1.082, and the retracement ranges plotted are more likely to function help and resistance ranges within the days to come back. A transfer previous the 38.2% degree at $1.5 can be important for the bulls, as it might make an extra push increased towards $2 extra doubtless.

Similar to the opposite altcoins analyzed, the RSI confirmed a potential shift in momentum from bearish to bullish prior to now few hours, despite the fact that the Stochastic RSI was within the overbought territory. However, worryingly for SUSHI bulls, there didn’t appear to be a major quantity of demand as per the OBV, which would want to push a lot increased to sign some purchaser energy.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button