Cryptocurrency Price Analysis: Will Chainlink And MKR Prices Experience A Uptober?
The post Cryptocurrency Price Analysis: Will Chainlink And MKR Prices Experience A Uptober? appeared first on Coinpedia Fintech News
The month of October started positively as the crypto industry witnessed two out of two green days with a total increase of over 3.0% in market cap. Bitcoin has jumped nearly 3.5% in the past day, resulting in the altcoins gaining value. On the other hand, Solana has gained a whooping 14% in the past day, making the SOL coin the top gainer.
Despite the market jump, Chainlink and Maker prices have displayed a dip in their values and turned out to be the top losers. The top gainers of the previous month have started this month on a bearish note, indicating the possibility of a trend reversal in the coming days.
Chainlink Price Analysis:
The LINK price has continued trading within the ascending channel since mid-September. Following the Golden Cross, the price has constantly gained value. Despite the market jump recently, the Chainlink price has turned out to be on the top losers list, indicating a possibility of a further dip in its value if it breaks below the channel.
As the bulls seem to lose momentum, Chainlink starts trading close to its support trendline and hovering around its support level of $7.834.
The RSI was trading close to the overbought range for quite some time now but has suddenly displayed a sharp fall, indicating a possibility of bear power. On the other hand, the MACD displays a strong red histogram, indicating a weak price action for the coin and displaying the possibility of the Chainlink price dipping further this week.
If the bulls gain power and push the price above $8.082, then the price will experience a bullish trend and will continue to rise and test its $8.340 level soon. If the bears overpower the bull and a trend reversal occurs, the price is bound to break down and test its lower support level of $7.576.
Maker Dao Price Analysis:
The MKR coin had turned out to be one of the best performers for the month of September as it had managed to surpass the elite coins in terms of monthly gains but started the month of October by trading in red.
The coin was seen trading in an ascending trend since mid-September and was constantly gaining momentum. Moreover, the coin has displayed a neckline in its charts recently, alarming a possibility of a trend reversal.
Further, The 50-day EMA is present for buyers to reclaim the momentum and avoid a crash with the double top breakdown.
The RSI has displayed a sharp decline in its averages and is presently hovering around the mid-point, indicating weak buying and selling pressure. The MACD has displayed a rising red histogram, indicating the price to continue dipping before testing a bounce back in the coming days.
If the bulls gain power and manage to push the price above $1,551, then a trend reversal will occur, and the coin will continue to rise and test its upper resistance of $1,694.1 soon. If the bears gain power, then the price will continue to fall and test its support of $1,440 this week.
Filed under: Bitcoin - @ October 2, 2023 7:19 am