Chainlink caught an ATH at $ 25.83 and then $ 26.19 before retracting from either level. However, the trend has been steadily upward, as evidenced by a string of high drops that LINK has recorded over three weeks.
A break that passes ATH usually proceeds with the asset’s start of price discovery. However, there are some doubts about on-chain metrics that traders should watch out for.
The Fibonacci retracement tool used for LINK’s transition from $ 8.7 to $ 25.83 predicts the 27% extension level of $ 34.6 for LINK bulls to achieve next month.
Synthetix (SNX) price analysis
The MACD and signal lines were at a distance from each other to suggest an over-expanded market to the buy side, hinting that there may be a small downside correction. Stochastic RSI was also in the overbought territory.
These indicators do not require an immediate correction, but SNX can be expected to see a drop towards $ 20. If this scenario happens, the psychological $ 20 level and the highlighted region could provide support between $ 18.9 – $ 19.6.