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Chainlink, VeChain, Chiliz Price Analysis: 03 April

Akashnath Sumukar



Source: Pixabay

On-chain metrics and the charts both painted a bullish picture for Chainlink. VeChain was trading just beneath a level of resistance at $0.094 and could see another move back to $0.087. Chiliz saw steady selling pressure as bulls sought to defend $0.047.

Chainlink [LINK]

Chainlink, VeChain, Chiliz Price Analysis: 03 March

Source: LINK/USD on TradingView

Chainlink has seen steady gains in the past week, and formed a right-angled, ascending broadening pattern at the $26.26 support level before breaking out upwards. The OBV showed demand from buyers was present and climbing, while the MACD confirmed the bullish momentum behind LINK’s rally.

There is a region of supply at $34.8-$35.6, making this a take-profit level for any long positions already entered.

VeChain [VET]

Chainlink, VeChain, Chiliz Price Analysis: 03 March

Source: VET/USDT on TradingView

Using the Gann fan for VET, it can be seen that the 2:1 time-to-price line acted as support, and was broken when VET entered a phase of consolidation which it has not yet climbed past.

The RSI was at 64 and Stochastic RSI was overbought, and VET was trading just beneath resistance at $0.094. Climbing above this value and flipping it to support will see VET begin its next move upward.

Rejection at resistance would see VET drop back to $0.087, and its next move could find support from the 3:1 line and advance toward $0.1.

Chiliz [CHZ]

Chainlink, VeChain, Chiliz Price Analysis: 03 March

Source: CHZ/USDT on TradingView

Since its surge to $0.94, CHZ has pulled back to test $0.47 as support multiple times. The $0.5-$-0.56 region has acted as a region of supply in recent weeks.

The Accumulation/Distribution Line was moving steadily lower to show selling pressure on CHZ, after its strong ascent to touch $0.94 the past month.  The Chaikin Money Flow was also beneath -0.05, showing capital was leaving the market.

The support at $0.47 has to be defended if CHZ bulls hope to force a move back toward ATH. Climbing past $0.55 on strong volume would point toward this scenario.

Descending beneath the $0.42 mark will likely see CHZ suffer a deeper correction to the $0.26-$0.29 area.

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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.