Cardano traded within a range and approached the mid-point of this range. Chainlink was slightly bullish and Filecoin could dip to $101 if it moves below $122.
Cardano [ADA]
Source: ADA/USDT on TradingView
Cardano continued to trade within a range established between $1 and $1.47. The mid-point of this range is at $1.23 and is a region of importance in the short term for ADA bulls. There was some bullish momentum behind ADA which saw it climb from $1.04 to $1.25 but met some selling pressure there and pulled back to $1.18.
Chaikin Money Flow showed an equilibrium between buyers and sellers, while Directional Movement Index had both ADX (yellow) and +DI (blue) above 20, but barely.
Over the next 48 hours, ADA has to climb past $1.23 on above-average trading volume for a bullish scenario to develop; this would open the possibility of ADA climbing to $1.48 in the next few days. Rejection will likely see ADA drop back to $1.02.
Chainlink [LINK]
Source: LINK/USD on TradingView
Chainlink climbed past a region of former supply and dipped briefly beneath the $26.7 level before climbing back above. RSI also climbed above neutral 50 and had a value of 56, interpreted as slightly bullish.
There is some resistance at the $27.5 level that LINK has to overcome. Failing to do so in the next few hours would mean LINK could see a move back down to $26.
Filecoin [FIL]
Source: FIL/USDT on TradingView
The 1-hour chart was chosen to highlight the possibility of a short-term consolidation for FIL within the $122-$138 range. On an earlier analysis, a bearish divergence was noted, also stating that this deeper pullback need not come to fruition, and it hasn’t yet.
There is a region of demand in the vicinity of $118, but dropping beneath $122 could see FIL retrace further to touch $104. MACD showed bullish momentum waning, and crossing over beneath the zero line could trigger a move further south.
In conclusion, a scalp trader can try to trade the boundaries of the short-term range from $122-$138. A longer-term trader would like to see either a breakout past previous highs at $139.6, or a deeper retracement to the 50% level at $101.
