Chainlink was projected to rise above its overhead resistance in the short-term, with its indicators flashing green signals. Down the crypto-ladder, bullish momentum for Cosmos and Enjin Coin was projected to fizzle out, with the said altcoins likely to enter a period of consolidation on the charts.
Chainlink added gains of over 12% in the last 24 hours, with recovery well on its way across the broader market. Even though some bearishness was observed on the 4-hour chart, LINK’s indicators were optimistic at the time of writing.
The Stochastic RSI rose steadily after LINK bounced back from the $23.3-support level. The MACD closed in on a bullish crossover, while the red bars on its histogram fell in length. A hike above the press time resistance level would present the next upside at $31.75.
At press time, Cosmos was trading just above the $20-mark after the price rose by 22%, compared to yesterday. However, some saturation was noted in the market as the crypto-asset attempted to flip the $21.2-resistance.
The Stochastic RSI was trading in the overbought zone, with a bearish pullback still on the cards. According to the ADX indicator, the market’s recent bullishness lacked the strength to sustain the price at higher levels. This also hinted at a period of consolidation since the price seemed to stabilize on the charts. Moving forward, ATOM will likely trade within the $21.1-$18.7 range.
Enjin Coin’s bulls pushed the price above the 200-SMA (green) after losses were cut short at the $0.39-support level. Since trading volumes and buying activity were muted, a move above the 20-SMA (blue) seemed unlikely over the next few trading sessions.
The On Balance Volume registered a lack of buying pressure since the index dipped on the charts, while the Relative Strength Index stabilized around the 45-mark. Some sideways movement around the press time resistance can be expected in the short-term as the cryptocurrency awaits stronger cues from the broader market.
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