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Chainlink, Aave, Synthetix Price Analysis: 22 March



Source: Pixabay

Chainlink witnessed a bearish divergence between price and momentum and was forced to pull back to $29, and could go further south. Aave had a lack of buying volume and sellers were in the driver’s seat and they worked hard to drive prices beneath the $360 floor. Synthetix could test the $18.5 region of demand once more.

Chainlink [LINK]

Chainlink, Aave, Synthetix: 22 March

Source: LINK/USD on TradingView

On the 4-hour chart, the past few days saw a bearish divergence (white) emerge as the price formed higher highs while the momentum indicator (RSI) formed lower highs. This caused LINK to pullback to the $29 mark.

The $29-$29.4 region has served as a region of supply and demand in recent weeks. If LINK falls beneath $29, the next level of support lies at $28.28. The RSI fell beneath neutral 50 and retested the line as resistance to indicate bearish momentum was still in play.

Aave [AAVE]

Chainlink, Aave, Synthetix Price Analysis: 22 March

Source: AAVE/USDT on TradingView

A descending triangle pattern (orange) was formed. AAVE was sharply rejected at the $390 mark and forced lower to test the $360 level as support. The triangle pattern can see a move in either direction, although it tends to follow the trend present prior to the pattern formation. In this case, a continuation would see AAVE head toward $344.

The $360 area has held as support, but this could be broken in the coming days. The OBV showed a steady downtrend, and this selling volume could see AAVE breakdown past $360 and $344 to test $300 as support.

Synthetix [SNX]

Chainlink, Aave, Synthetix Price Analysis: 22 March

Source: SNX/USDT on TradingView

The $18.5-$19 region represents an area of demand, and just beneath it lies a level of support at $17.7. In the past, these have been important areas and continue to be places of interest for SNX.

The past few days saw demand drive the price up from $18.5 to $21.1, but SNX was unable to reclaim the $20 level of resistance. Selling pressure forced SNX to retrace most of the gains made, and it was trading beneath the $19.7 level of resistance once more.

The EMA Ribbon was on the verge of flipping to bullish had SNX managed to stay above $20 longer, but the quick plunge showed a very tight ribbon-indicative of indecision. The MACD formed headed lower toward the zero line. $18.5 and $17.7 are support levels to keep an eye on.

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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.