Chainlink broke out of an uptrend over the past 48 hours and was once again testing a supply region in an attempt to break through it. Aave formed a descending triangle and a breakout could see a move to $ 550, and SushiSwap was bullish on the charts.
Chain link [LINK]
Chainlink broke out of a symmetrical triangle and retested resistance from previous highs around the $ 35.2 region. $ 34.9- $ 35.6 is a supply area that LINK would need to switch to a demand region. Once the price rises above and retests this region, this area would be a good buying opportunity for LINK.
The RSI did not fall below neutral 50 and this showed that the uptrend was continuing. The Stochastic RSI was deep in the overbought region, but that doesn’t show an impending drop as likely.
Aave also formed a bullish chart pattern and was on the verge of a breakout. The descending triangle pattern usually sees the price target at the top of the pattern after a breakout. This presents a technical target of around $ 560 for AAVE in the coming days.
Volume was only slightly above the 20 period moving average as the MACD formed a bullish cross to give a buy signal.
A retest of the descending trendline over the next few hours is also possible before an upward movement.
SUSHI was trading in an ascending channel. The midpoint of the channel has served as both price support and resistance in the recent past. Some resistance was expected at the $ 15.8 level. But it could be that this level will switch to support in the coming hours.
The OBV was in an uptrend. Because it is showing a series of higher lows to show strong demand and buying volume from buyers. The Awesome Oscillator was below the zero line. He has yet to show a buy signal or change in momentum to favor the bulls.
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