- Chainlink (LINK) seems to be aiming for a move above the $ 24.29 resistance, but the weak momentum means that the bulls in the market may struggle to push the price higher on the charts. Healthy buying activity and the increase in trading volumes supported STEEM for a rise above the $ 0.19 resistance. Finally, if the price breaks below the $ 1,352 support level, the MKR’s bearish cycle could span over the next few sessions.
Chainlink headed north after testing the $ 22.2 support level as the coin has registered some buying pressure in the past few sessions. Chainlink, the seventh largest cryptocurrency in the world by market cap, increased by 3.3% at the time of writing. The move could show a bullish at $ 24.29, but a break above this mark is unlikely as the momentum in the market is weak. This was supported by the Awesome Oscillator, which showed that momentum was low on the bullish side.
Balanced Volume saw a slight increase, pointing to some buying activity as the price rallied from the $ 22.2 support. However, the number of buyers dropped over the past week as OBV has consistently hit lows on the charts. In the short term, LINK can trade between instant support and resistance levels.
STEEM showed an upward trend at the time of writing, as the price was following a move above the $ 0.19 resistance. Since 24-hour trading volumes have seen an increase and buying activity has increased in the past 24 hours, STEEM just made a strong case for a move above its top ceiling.
The Stochastic RSI also supported the bullish trend as the index points to an overbought territory. The Chaikin Money Flow rose above zero and showed that the capital was flowing into the crypto asset. In the bearish scenario, the 200-SMA (green) can act as a buffer against the price drop.
Bollinger Bands on Maker were squeezed, highlighting the low volatility in price. In fact, the period of low volatility in the past 7 days was the norm as the price moved between $ 1,352 and $ 1,563.5. Dotted signs of the parabolic SAR were above the candles, suggesting that MKR was in a bearish trend for the past few sessions.
A break above the $ 1,563 upper barrier would indicate a bullish reversal, but this seems unlikely as trading volumes dropped 13.5% to $ 160 million. On the other hand, falling below the support level will indicate an expanded bearish market for MKR.