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Chainlink, Dash, VeChain Price Analysis: 07 January

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Source: Pixabay

Chainlink‘s bulls seized the $16-level from the bears, but a bearish divergence could see this highly significant level tested. Dash approached the $100-mark with momentum and could rise above it to test the $104-resistance level, while VeChain could see a dip to $0.0253.

Chainlink [LINK]

Chainlink, Dash, VeChain Price Analysis: 07 January

Source: LINK/USD on TradingView

There was a bearish divergence between the price and the OBV. While the OBV made a lower high to denote heightened selling volume, the price made a higher high.

This disagreement can presage a pullback for LINK. However, the $16-level is an important level. It was ceded to the bears in early-September and the bulls have not been able to push the price above $15.9 since.

Hence, if the market’s bulls can defend the $16-level over the next few days, it would give further credence to the uptrend LINK has been on since December’s drop.

Even a drop to $14.55 would not be enough to reverse the trend of the past couple of weeks, but such a drop is unlikely based on the evidence at hand.

Dash [DASH]

Chainlink, Dash, VeChain Price Analysis: 07 January

Source: DASH/USDT on TradingView

Dash moved above the $93-level of support. The RSI rose above the neutral line at 50 to highlight the bullish momentum behind DASH as it targeted the psychological level at $100, with another level of resistance at $104 immediately above it.

In the short-term, a retest of $94 and then a move to $100 seemed like a likely scenario. In fact, a retest of $94 might not even transpire if the market’s bulls seize control over the next few hours and drive the price north.

In either case, a move to $104 can be expected thereafter.

Since late November, DASH has traded within the $85 – $115 range. The mid-point of this range was at $100, reinforcing this psychological level’s importance. Hence, a rejection at or ascent above $100 would likely dictate the next move for DASH.

VeChain [VET]

Chainlink, Dash, VeChain Price Analysis: 07 January

Source: VET/USDT on TradingView

VET registered gains of nearly 130% after it was forced to seek support at the $0.0127-support level in the face of intense bearish pressure. At the time of writing, the sentiment had flipped to become strongly bullish for VET.

The MACD formed a bearish crossover to signal that a pullback was likely for VET. Using the Fibonacci retracement tool, a move to $0.0253 could be seen if VET closes a trading session below $0.0272.

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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.