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Chainlink, Aave, Elrond Price Analysis: 08 February

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Source: Pixabay

Chainlink found stubborn resistance in the $24.8-$25.8 region. Aave was forced to pullback at $540 but approached it with bullish momentum once more while Elrond shot upwards on the charts without enduring a price correction.

Chainlink [LINK]

Chainlink, Aave, Elrond Price Analysis: 08 February

Source: LINK/USD on TradingView

Chainlink faced a region of supply at $24.8-$25.8. LINK briefly move above $26 but lacked the market conviction to rise higher, as the trading volume had been falling during that attempt.

The MACD showed bearish momentum for LINK as it re-entered the region of supply. Failure to rise above would see LINK move back down to the $24 mark.

$24 and $22.5 are imminent levels of support for LINK, with resistance overhead. The lack of trading volume over the past few hours is a worrying sign for bulls in the short-term.

Aave [AAVE]

Chainlink, Aave, Elrond Price Analysis: 08 February

Source: AAVE/USDT on TradingView

The A/R indicator was in a steady uptrend, as was the price. The Fibonacci retracement levels highlighted some potential levels of support, but the momentum was strongly bullish.

A surge in trading volume alongside a move past $540 would indicate further upside for AAVE. Rejection at $540 would see AAVE form a double top pattern and drop to $460 or even as far as $400.

The price was well above both the 50-period moving average (yellow) and the 100-period moving average (pink) on the 4-hour charts, an indication of momentum.

The Aave protocol has a $5.51 billion total value locked according to DeFi Pulse. The DeFi sphere as a whole has seen the total value locked nearly triple from $12 billion in early December.

Elrond [EGLD]

Chainlink, Aave, Elrond Price Analysis: 08 February

Source: EGLD/USDT on TradingView

On the lower timeframes, the trading volume over the past couple of days dwindled, but recent hours saw it pick up with force as EGLD surged once more. A brief dip to $130 was seen but that level has since been converted into one of support.

The RSI and the Stochastic RSI were both in the overbought territory- but this was not an indication yet of a retracement. The 62% extension level at $164 level was met and EGLD showed no signs of slowing down.

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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.