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Chainlink, Ontology, Decred Price Analysis: 21 December



Source: Pixabay

Chainlink registered short-term bearishness and was headed towards its level of support at $12.65 once more. Ontology bounced off the $0.54-level of support while Decred was trading in a region where a break to either direction could decide the direction of the next move for the crypto-asset.

Chainlink [LINK]

Chainlink, Ontology, Decred Price Analysis: 21 December

Source: LINK/USD on TradingView

LINK broke out of a descending channel and touched the peak of the channel at $14.52, before facing some selling pressure that halted the price at $13.46 for a few days.

In the said time period, the Awesome Oscillator registered a bearish twin peak formation and even crossed under the neutral line. This signaled rising short-term bearishness, one that could see LINK revisit the $12.65-support level.

LINK could retest $13.46 as resistance before moving south once more. $13.2 is the mid-point between the $14.52 and $11.9-levels that LINK has tested multiple times over the past three weeks. A drop under the mid-point would signal growing bearish sentiment.

Ontology [ONT]

Chainlink, Ontology, Decred Price Analysis: 21 December

Source: ONT/USDT on TradingView

Using the Gann fan for ONT’s swing low at $0.4, it was observed that the 4/1 line of the fan was acting as a support for the price. The previous bounce off the $0.54-horizontal support had confluence with this line as well.

The MACD formed a bearish crossover, and ONT could dip to retest the ascending support line. A drop beneath the 4/1 line could see the $0.54-support lost in short order thereafter.

Decred [DCR]

Chainlink, Ontology, Decred Price Analysis: 21 December

Source: DCR/USDT on TradingView

Using the Fibonacci tool for DCR’s move from $11 to $24 in November, some important extension levels were highlighted as targets for DCR. The 62% extension level has already been visited on two occasions, although take-profit and selling did not allow a session close near the $40-level.

The $27 extension level for that move at $30.3 has also been of interest for DCR. The RSI showed that the coin was on an uptrend, with the highlighted liquidity pocket expected to act as imminent support.

A drop under this zone, alongside a dip below 50 on the RSI, would suggest rising bearishness and present the possibility of DCR descending further to below $30.

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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.