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Chainlink, VeChain, and EOS Price Analysis: 23 May

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Source: Canva


Post the market-wide plummet, Bitcoin [BTC] alongside most altcoins took a plunge to its multi-monthly/yearly lows on 12 May. In the last 11 days, the market entered into compression for the most part barring a few exceptions.

Now, the bulls have provoked a slight uptick in the trading volumes over the last day. Thus, trying to escape the low volatility phase to reclaim key price points.

Chainlink (LINK)

Source: TradingView, LINK/USDT

LINK bears were on a roll after flipping one-eighty from the alt’s April highs in the $18-zone. The altcoin is now on a streak of lower peaks ever since. sellers found fresher resting grounds only to poke its 22-month low on 12 May after an over 55% five-day drop.

After breaking below the down-channel, the Pitchfork has offered a vital area of value over the last month. After the recent gains, the bulls finally managed to challenge the resistance exhibited by the lower fence of the Pitchfork.

At press time, LINK traded at $7.48, up by 6.24% in the last 24 hours. The RSI was quick to change its stance in favor of the buyers. But the CMF disagreed with the recent uptick by chalking out lower peaks over the last day. Thus, revealing a bearish divergence that may affect the short-term movements of the alt.

VeChain (VET)

Source: TradingView, VET/USDT

After rebounding from the $0.08 ceiling on 31 March, the sellers drifted a rally toward the $0.02-support and matched VET’s position of January 2021. The altcoin shed over 73% of its value and plunged toward its 15-month low on 12 May.

After battling hard to topple the basis line (green) of the Bollinger Bands (BB), buyers were finally able to find a spot above the basis line. Now, the BB aimed to break its narrowed phase while the upper and lower band of BB looked on the opposite sides.

At press time, VET was trading at $0.03369. While rising from the 39-mark support, the RSI observed a solid comeback in its northbound journey above the midline. But similar to LINK, VET’s CMF kept the possibilities of confirming a potential bearish divergence with price.

EOS

Source: TradingView, EOS/USDT

The altcoin shed more than half its value from its April highs to see itself devaluing toward its multi-yearly low on 12 May. While the $1.2-mark propelled a strong rejection of lower prices, EOS marked a bearish pennant on the four-hour timeframe.

After an expected breakdown, the bounce-back from the $1.2-level aided EOS to snap the constraints of its month-long trendline support (white, dashed). As a result, the coin jumped above its 20 EMA (red) and the 50 EMA (cyan). At press time, EOS traded at $1.382, up by 4.72% in the last day.

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With a background in financial analysis and reporting, Yash is a full-time journalist at AMBCrypto. He has a keen interest in blockchain technology, with a primary focus on technical analysis of cryptocurrencies.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.