Chainlink is trading with weak volume in the tight channel of $ 33.1 – $ 31.2 and stands against a short-term uptrend. BitTorrent Token is projected to break lower than a decreasing triangle.
In the 1-hour timeframe, Chainlink stayed between the $ 33.1 – $ 31.2 channel, despite being in an ascending pattern in the longer 4-hour timeframe. However, ADX has moved sideways in the last few sessions and showed a weak trend in the market.
The Stochastic RSI signaled a retracement after moving in the overbought territory. Volumes that have weakened in the last 24 hours also ruled out the possibility of an upward break. If the price breaks in the opposite direction, additional defenses are $ 30.29 and $ 29.3. Meanwhile, a recent analysis suggested that LINK may be at the end of the current bull cycle.
Bittorrent Token (BTT) price analysis
While a crash seemed to have been avoided a few days ago, BitTorrent Token is still within the confines of a descending triangle on the 4-hour chart. A bearish move is expected from this pattern and towards the support lines of $ 0.0063 and even $ 0.0052.
The RSI formed lower peaks and showed a weakening trend. A move towards the oversold zone can initiate a break from the pattern’s lower trendline. The MACD line remained below the equilibrium mark and highlighted the bear market.