Chainlink can be projected to drop towards $24.6 on the back of bearish on-chain metrics. THETA might cool down at lower levels before resuming its uptrend. Further down the crypto-ladder, Dash noted a lack of buying activity and threatened to move below the $203.8-support, while OKB highlighted a strong recovery after bouncing back from the $12-level.
Chainlink’s price has been largely subdued during the month of March. While the former top-10 coin did trade at record levels in late-February, a broader market pullback hamstrung its uptrend. In fact, LINK attempted a comeback after bouncing back from the $24.6-support level, but the price reversed its trajectory after failing to overturn the $28.6-ceiling.
The Awesome Oscillator registered a series of red bars and a move below the half-line could see LINK lose out to its press time support as well. The RSI was pointing south from around the 40-mark as the bears sought control of the market. In case of a breakdown, additional support levels could be found at $24.6 and $23.1.
While THETA was close to record levels at the time of writing, the indicators presented a short-term bearish scenario for the newest addition to the top-10 crypto-rankings. The Awesome Oscillator threatened to move below the equilibrium mark, while the Signal line continued to move above the MACD line. There was a little bit of support at $11.6, but a breakdown would see the price drop towards $10.6 or even $9.05.
On the other hand, a favorable outcome seemed possible if the bulls did hold on to the press time support level. THETA’s strong uptrend would likely carry it towards fresher record levels after overcoming some bearish pressure in the market.
On the 4-hour timeframe, Dash’s bulls made some headway towards recovery, but gains were capped at the upper ceiling of $219.1. In fact, a bearish crossover in the MACD suggested that the price could even lose out to a newly flipped support line if the index moves below the half-mark.
The OBV was languishing at its lowest level since the last 45 days, showing the dearth of buying pressure. This made it even more arduous for the bulls to reclaim a move above the $245.1-resistance, a level that has kept the price restricted during March.
Losses in the last 30 days amounted to nearly 10% as OKB dropped below multiple support levels. The defensive line at $12.1 finally cushioned the price and even fueled a rally over the last five days. The Chaikin Money Flow showed strong capital inflows as OKB flipped the $16.4-resistance. Meanwhile, the ADX highlighted a strong bullish trend as it closed in on the 50-mark. However, the index had dipped at the time of writing.
The 24-hour trading volume was closing in on $300 million, and a pickup in the same would see the price move towards the next test at the $18.3-resistance.
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