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Shiba Inu, Chainlink, EOS Price Analysis: 06 February

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As the bulls endeavored to oppose the long-term bearish tendencies in the market, Chainlink and EOS continued their up-channel oscillation. Chainlink flashed mixed near-term signals while EOS flashed a bullish bias.

On the other hand, Shiba Inu’s bears attempted to snap the $0.00002233-level while the bulls defended 59-mark RSI support.

Shiba Inu (SHIB)

Source: TradingView, SHIB/USD

As the bulls failed to defend the $0.00002914-level, SHIB swiftly declined and lost 58.6% of its value (from 27 December). As a result, it touched its 15-week low on 22 January. Then, it saw a reversal after the buyers stepped in at the $0.00001864-level.

The meme coin witnessed a bearish pennant on its 4-hour chart over the past two weeks. Interestingly, the bulls reclaimed the $0.000022-level support in the last two days after noting over 19% gains. The immediate resistance continued to stand at the upper trendline of the pennant.

At press time, SHIB traded at $0.00002268. After a 30 point surge in two days, the RSI pulled back from the overbought territory in the last 24 hours. Thus, it tested the 59-mark while the bullish influence decreased. On top of it, the AO confirmed the decreasing buying influence as it approached its midline.

Chainlink (LINK)

Source: TradingView, LINK/USDT

The buyers lost their vigor after LINK broke down from the up-channel (yellow). Thus, LINK plunged by 53.09% (from 11 January) to hit its six-month low on 24 January. However, the bulls finally showed up at the $13.96-mark as the alt recorded a 34.28% recovery later.

As a result, LINK pictured an ascending channel (white) on its 4-hour chart. Over the past week, the bulls have struggled to find a sustained close above the $17.76-level. Now, any reversals from here would find a floor at the $16.68-mark.

At press time, the alt traded at $17.78. After poking the 67-level on 5 February, the RSI dived to test its immediate support. Any fall below the 60-mark could propel a further downfall. Besides, with the +DI looking north, LINK painted mixed signals. Furthermore, the ADX (directional trend) was extremely weak.


Source: TradingView, EOS/USDT

The recent down-channel (white) breakout quickly reversed due to the broader sell-off on 21 January. As a result, EOS marked a 30.41% decline and touched its 22-month low on 24 January.

Since then, the alt has seen an up-channel (green) 25.5% recovery in the last 13 days. EOS noted over 13% gains in just two days before reversing from the upper trendline of the up-channel. The immediate resistance continued to stand at the upper trendline. Any retracements would find support near the 20 SMA (red).

At press time, EOS was trading above its 20-50 SMA at $2.5. The bullish RSI saw impressive gains and found a sustainable close above the 61-mark.


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