Analysis
Chainlink, Aave, Elrond Price Analysis: 08 February
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 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]
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]
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.