Analysis
Chainlink, Algorand, Tron Price Analysis: 30 December
Chainlink formed a triangle pattern and could see a breakout over the next few days, although the direction of the breakout was unclear. Algorand traded within a range, with a particularly stiff level of resistance at $0.35 that bulls have been unable to overcome over the past month. Tron sank beneath a crucial region of demand.
For the king coin – Bitcoin, the past 24-hours saw its price rise by over 4 percent and is currently trading at $27,938.
Source: CoinStats
Chainlink [LINK]
LINK appeared to form a symmetrical triangle pattern on the charts. The trading volume has also been trending downward when the price has been within the pattern.
At the time of writing, the price straddled the level of support at $11.48 and could break out of the triangle in either direction. This would be confirmed by a session with good trading volume.
The RSI dipped below the 50 value and retested it as resistance. This showed that bearish momentum was beginning to take hold for LINK.
Algorand [ALGO]
Source: ALGO/USD on TradingView
On the 1-day chart, ALGO has formed a rectangle pattern as it traded between the $0.28 and $0.37 levels over the past month. The trading volume has been more or less even during the time ALGO has traded within the range.
Some important levels of horizontal support and resistance are also highlighted. The $0.35 level, in particular, has been an obstinate level facing the bulls.
The OBV showed that selling volume has been greater over the past month as it registered a lower high. Yet, the past two weeks saw buyers step in, as indicated by the series of higher lows on the OBV.
The victors of this tussle would likely gain control of the market over the coming weeks and dictate the direction for ALGO.
Tron [TRX]
Source: TRX/USDT on TradingView
TRX has retraced most of the gains it made during the surge that pushed its price from $0.023 to $0.039. The price was trading below the golden pocket, which is the area between the 61.8% and the 65% retracement levels.
The loss of this region could be disastrous for the bears in the coming days. The golden pocket is regarded as an ideal zone to accumulate an asset, and a strong drop beneath it reinforces bearish long-term sentiment.
The MACD formed a bearish crossover and dived beneath the zero line to indicate strong bearish momentum for TRX.
The next levels of support are at $0.025 8and $0.0247.
