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Chainlink, Bitcoin SV, Algorand Price Analysis: 15 March

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Source: Pixabay

Bitcoin continued to drop as major exchanges saw hundreds of millions of dollars liquidated. Chainlink dropped sharply past the $28.34 level of former support. Bitcoin SV retraced most of its gains of the past few days, and Algorand managed to hold steady above the $1 mark.

Chainlink [LINK]

Chainlink, Bitcoin SV, Algorand Price Analysis: 15 March

Source: LINK/USD on TradingView

Even before Bitcoin’s sharp descend back beneath $60k, Chainlink had shown weakness in the markets. LINK faced stiff resistance at $32 and was unable to defend the $30 support, and tested it as resistance and continued to drop.

At the time of writing, the most recent trading session had not yet closed on the 4-hour charts. The $27 mark is expected to offer some support to LINK.

The region of demand just beneath $26 is likely to be tested upon a session close beneath $27, as the RSI sank below neutral 50 to indicate strong bearish momentum.

Bitcoin SV [BSV]

Chainlink, Bitcoin SV, Algorand Price Analysis: 15 March

Source: BSV/USDT on TradingView

Bitcoin SV surged past the $193 level to test the $236 area. In early February, BSV behaved similarly and broke past $185 and $193 to test $236, a pullback to $205, and a surge to $270.

This time around, the bearish sentiment was strong behind BSV as almost all the gains of the past few days were wiped out. The 78.6% retracement level, and the $183-$185 area can serve as support for bulls to consolidate above.

If Bitcoin drops below $54,500 it is likely to drag BSV to $173 as well.

Algorand [ALGO]

Chainlink, Bitcoin SV, Algorand Price Analysis: 15 March

Source: ALGO/USD on TradingView

Algorand has defended the $1 level of support multiple times over the past two weeks after dipping beneath to test the $0.86 level. The past few days have seen ALGO register higher highs, but the OBV hinted at a bearish divergence.

The OBV formed lower highs to indicate that selling volume exceeded buying volume. This divergence showed that ALGO’s rise toward $1.26 was not backed by strong demand, and over the next week, ALGO could correct to $1.1 or even as far as $1.

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.