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Chainlink, IOTA, Dash Price Analysis: 06 April

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At the time of writing, Bitcoin’s latest attempt to breach the vaunted $60,000-mark had come to a standtill, with the world’s largest cryptocurrency’s price still holding steady around $59k. In the last 36 hours, however, BTC did see some hike in value, with the same having a corresponding effect on the likes of Chainlink, IOTA, and Dash.

Chainlink [LINK]

Source: LINK/USD on TradingView

Chainlink, the cryptocurrency ranked 10th on CoinMarketCap’s charts, was one of the many alts to climb on the charts on the back of BTC’s price appreciation. In fact, LINK surged by over 7% in 24 hours, with the same pushing the crypto closer to its local top. It’s worth noting, however, that at the time of writing, corrections had started to set in. If BTC continues to lag on the charts, the depreciation could give way to a firmer trend reversal in the market.

The altcoin’s Chaikin Money Flow seemed to be flashing ominous signs, with the CMF dipping below zero to denote the strength of capital outflows in the market. On the contrary, the Parabolic SAR’s dotted markers continued to underline the bullish strength of the LINK market.

The findings, at press time, seemed to invalidate the projections of a previous analysis, with the same predicting that LINK would try to breach the $33-level with an unbroken uptrend.

Chainlink was in the news recently after it released a native Substrate module to bring its oracles to Polkadot.

IOTA

Source: IOTA/USD on TradingView

Ranked 28th on CoinMarketCap, IOTA’s price action has been very inconsistent over the past few weeks, with its brief hikes followed by sharp falls on the price charts. Until a few hours ago, the altcoin was at the end of an uptrend that saw the crypto climb by over 16% in 36 hours. However, with BTC failing to breach $60k, IOTA too resorted to sideways movement, despite the altcoin recovering all of its losses from the market-wide depreciation on the 24th and 25th.

Corrections notwithstanding, IOTA’s technical indicators were still very bullish. While the mouth of the Bollinger Bands was diverging at press time to point to a degree of near-term price volatility, the Relative Strength Index was holdig steady near the overbought zone.

In fact, IOTA’s press time findings were very contrary to the ones noted by a previous analysis, with the technical indicators in the latter pointing to a lot of skepticism in the market.

Dash [DASH]

Source: DASH/USD on TradingView

One of the crypto-market’s premier privacy coins, Dash has appreciated significantly in the month of April, with the alt climbing by over 20% in just over 24 hours. Like the two alts before it, however, the cryptocurrency was staganting somewhat on the charts at press time, with the steady loss of bullish momentum highlighted by the fall in the alt’s tarding volumes.

The cryptocurrency’s technical indicators, however, were still ambivalent about what to expect in the near-term, with the same suggesting that a trend reversal hadn’t happened yet. While the Awesome Oscillator’s histogram flashed both bullish and bearish signals, the MACD line was closing in on a bearish crossover with the Signal line.

Dash was last in the news after it announced an Ethereum DeFi bridge.

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Jibin Mathew George is Editor-in-Chief at AMBCrypto. A domain expert in International Relations (European Politics), he has always been a believer in the unlimited possibilities afforded by blockchain and by extension, cryptocurrencies. As someone who has been watching and writing about this space for over 5 years now, Jibin has closely tracked the emergence of cryptos and digital assets as a separate asset class in portfolios world over. A lawyer by training, he previously contributed to the News and Research desk of Diplomacy & Beyond Plus. Before his stint at D&B, he was Editor at ED Times. Jibin also takes a great interest in politics, especially the corresponding effect political decisions and fiscal policy have on the world of finance, with a special focus on cryptocurrencies.
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