Bitcoin dipped to $29.2k on 16 May however was in a position to climb again above $30k up to now few hours. The heavy buying and selling quantity of the previous few days was unable to maintain BTC under $30k, and a bounce upward could possibly be seen towards $32k and whilst excessive as $36k.
This, in flip, may see altcoins rally. (*17*), Chainlink and SushiSwap didn’t appear to have heavy shopping for strain behind them simply but.
Chainlink (LINK)
Source: LINK/USDT on TradingView
Chainlink climbed previous the descending trendline resistance on the charts, nevertheless it nonetheless had the $8 horizontal degree of resistance to take care of. The RSI climbed previous impartial 50 to point out that momentum was beginning to sway towards the bullish aspect on the decrease timeframes. It would wish to climb previous 60 to point robust bullish momentum.
(*17*), the A/D sloped barely downward, whilst the worth tried to get better from the $5.7 lows. In the previous couple of days, the indicator confirmed that no important shopping for quantity was seen although LINK approached the $8 mark.
Polygon (MATIC)
Source: MATIC/USDT on TradingView
MATIC sunk to the $0.545 degree after the current wave of promoting strain, however at press time the worth had managed to get better considerably. The $0.62-$0.72 zone (cyan field) represents a area of demand which was beforehand examined in July 2021. In that occasion, MATIC was in a position to rally from these lows to achieve the $1.7 mark.
Could the same state of affairs unfold? The Awesome Oscillator was on the verge of climbing above the zero line, a sign that momentum was on the bullish aspect. The Chaikin Money Flow additionally rose previous +0.05 on the hourly chart to indicate important capital move into the market.
SushiSwap (SUSHI)
Source: SUSHI/USDT on TradingView
A set of Fibonacci retracement ranges (white) was drawn based mostly on SUSHI’s drop from $2.176 to $1.082, and the retracement ranges plotted are prone to function assist and resistance ranges within the days to come back. A transfer previous the 38.2% degree at $1.5 can be important for the bulls, as it could make an additional push greater towards $2 extra possible.
Similar to the opposite altcoins analyzed, the RSI confirmed a attainable shift in momentum from bearish to bullish up to now few hours, although the Stochastic RSI was within the overbought territory. (*17*), worryingly for SUSHI bulls, there didn’t appear to be a major quantity of demand as per the OBV, which would wish to push a lot greater to sign some purchaser power.
https://ambcrypto.com/chainlink-matic-and-sushiswap-price-analysis-17-may/
