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Cardano, Chainlink, Filecoin Price Analysis: 28 March

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Source: Pixabay

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]

Cardano, Chainlink, Filecoin Price Analysis: 28 March

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]

Cardano, Chainlink, Filecoin Price Analysis: 28 March

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]

Cardano, Chainlink, Filecoin Price Analysis: 28 March

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.

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Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.