Chainlink, Polkadot, Decred Price Analysis: 20 September
September 21, 2020
Chainlink slipped beneath yet another important level, with the crypto likely to post further losses over the next week or two. Further down the cryptocurrency charts, Polkadot and Decred‘s movements suggested that the bears were continuing to dominate the crypto-market.
Source: LINK/USD on TradingView
The Awesome Oscillator registered bearish momentum for LINK. Using the VPVR, it was observed that LINK had significant levels of support at $10 and $9.5, with $10.5 also being a level that LINK had slipped beneath recently.
A longer-term analysis of Chainlink concurred with the short-term indications of bearishness on the crypto’s charts.
If LINK continues its trajectory, it is possible that LINK might dip down to as low as $9 in the next few days.
Chainlink recently made the news after TrustSwap announced that Chainlink’s Price Reference Data would be integrated with TrustSwap’s SmartLock.
source: DOT/USDT on TradingView
DOT was defending its support level of $4.8 valiantly over the course of the few trading sessions right before press time. As highlighted by the cyan arrow, the candles formed noticeably long tail wicks, indicating that $4.8 was a good demand zone. The trading volume was also above-average. Then, as DOT attempted to climb, it faced a lot of sell pressure and formed a Doji candle, denoting indecision in the market.
DOT also faced significant selling pressure in the region of $5.50. If $4.80 is defended, DOT could attempt to rise again.
The RSI flipped from presenting a bullish to bearish outlook over the past few days, with the same sliding into bearish territory. It appeared more likely that DOT would slide beneath its support level, than defending it.
In other news, Polkadot announced the launch of its Treasury, a new decentralized platform to fund projects. With this move, it will be able to directly compete with Ethereum, which also allocates funds for project development.
Source: DCR/USD on TradingView
Decred has been on a downtrend since its surge to $24 in August. It was valued at $12.95 at press time, with a level of resistance at $13.7.
The Stochastic RSI highlighted oversold conditions for the cryptocurrency, with its price noting a minor bounce on the 19th of September. However, this was just further evidence of the fact that the bears had not relinquished their grip on DCR. DCR’s price reacted to oversold conditions by rising from $12.64 to $13.09, a 3.5% bounce.
It is likely that DCR will drop further towards its support at $12.2.