Chainlink has come out of a bullish pattern in the last 48 hours and is testing a supply zone in an attempt to move above it once again. Aave has formed a descending triangle and a possible break could result in it heading for $ 550.



Chainlink (LINK) price analysis

Chainlink came out of a symmetrical triangle pattern and retested resistance at the previous peak around the $ 35.2 zone. $ 34.9 – $ 35.6 stands out as a supply zone that should turn LINK into a demand zone. When the price rises and tests this area again, this area could provide a good buying opportunity for LINK.

The RSI has not dropped below the neutral 50, indicating that the uptrend is continuing. The stochastic RSI is deep in the overbought territory, but that doesn’t mean a possible drop.

Above $ 35.74, the 27% Fibonacci extension level offers a target of $ 40.3 for LINK bulls.

Aave (AAVE) price analysis

Aave has also set up a bullish chart pattern and seems to be accompanied by a breakout. The descending triangle pattern often sees the peak of the pattern following a breakout of the price target. This offers a technical target of around $ 560 for AAVE in the coming days.

The volume was only slightly above the 20-period moving average, while the MACD formed a bullish trend to give a buy signal.

See Also
How will the post-record decline keep the week going? Chainlink, Uniswap, AAVE Weekly Review

It is also possible that the descending trend line will be retested in the next few hours before moving upwards.


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