Chainlink, Tezos, Dogecoin Price Analysis: 30 October
October 31, 2020
Displaying a bearish scenario Chainlink was seen diving below its short- term period moving averages, on its trading chart. Tezos (XTZ) too continued to remain bearish, with a hint of weakening selling pressure for the XTZ market
Dogecoin while maintaining a bearish sentiment over the past few days, reflected a flat price movement on its trading charts at the time of writing.
Source: LINK/USD on TradingView
Chainlink was experiencing some selling pressure on its trading charts today. Despite losing around 3.5% since yesterday, a decline in its selling pressure was still not visible.
This meant that the bears continued to remain strong, and the same was witnessed at press time from its technical indicators.
A selling momentum was depicted in MACD as it made a bearish crossover below the zero line with the MACD line diving below the signal line.
The price further continued to stay beneath its 20 and 50-period moving averages, with the 50 SMA (yellow) above the 20 SMA (cyan). This was a sign of bearishness that is likely to continue over the short-term period in the LINK market.
Source: XTZ/USD on TradingView
Tezos at press time was seen hovering at the $1.864 mark. Witnessing a price dump, by almost 3.5% since yesterday, the 1-hour chart for the digital asset was bearish.
The Directional Movement Index, with its +DMI (blue) crossing below the -DMI (orange) hinted towards a bearish setup. However, a falling ADX (pink) suggested weakness in the selling pressure.
Further, the dotted lines of the Parabolic SAR above the candles also suggesting a downtrend.
If Tezos fails to stabilize just above the key support level at $1.848, the position of the bears may further get strengthened, confirming the downtrend over the next few trading sessions.
Source: DOGE/USD on TradingView
Dogecoin over the last few days had been displaying a sideways price consolidation above the $0.00250 support level, while also noting some bearishness.
However, trading around the $0.00257 mark at press time, the digital asset roughly maintained the same LTP as yesterday.
The Awesome oscillator was displaying mixed signals below the zero line, indicating a neutral view for Dogecoin in the short-term period. Confirming the trend of the ongoing flat price movement in the digital asset, the Aroon Indicator too, was neutral.
This meant with the DOGE market recording stability around the $0.00250 region, the digital asset was, unlikely to witness any strong buying or selling price actions in the upcoming trading sessions.