Chainlink traded between a tight channel of $33.1-$31.2 and weak volumes worked against a bullish short-term outcome. BitTorrent Token was projected to break lower from a descending triangle, while Elrond surpassed expectations and maintained its upwards trajectory.
On the 1-hour timeframe, Chainlink remained between the channel $33.1-$31.2 even though its trajectory was within an ascending pattern on the longer timeframe of 4 hours. However, the ADX moved flat over the last few sessions and showed a weak trend in the market.
The Stochastic RSI also signaled a pullback after it moved in the overbought territory. Weakening volumes over the last 24-hours also denied the possibility of an upwards breakout. In case the price broke in the opposite direction, additional areas of defense lay at $30.29 and $29.3. Meanwhile, a recent analysis suggested that LINK could be at the end of its current bull cycle.
Even though a breakdown seemed to have been avoided a few days back, BitTorrent Token was still well within the confines of a descending triangle on the 4-hour chart. A southbound move was expected from this pattern and towards support lines of $0.0063 or even $0.0052.
The RSI formed lower highs and showed a weakening trend. A move towards the oversold region could initiate a breakdown from the bottom trendline of the pattern. The MACD line remained below the equilibrium mark and highlighted a bear market.
While a previous analysis did mention a breakdown, Elrond beat bearish predictions and registered a fresher ATH after moving above $210.2-resistance. Trading volumes saw a 107% increase in the last 24-hours alone and clocked in at $426 Million.
The OBV showed that buying pressure was on the rise for the last two weeks. However, the RSI made another peak in the overbought region, and a pullback was likely if it reversed direction over the coming sessions. Before the correction, Elrond could go as high as $250 or even $260, considering the bullish strength in the market.
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