Chainlink, Ethereum Classic, Avalanche Price Analysis: December 5th

When the mood of fear set in, the market experienced an enormous sell-off last day. That decline resulted in a devaluation of the long-term bullish outlook for several cryptocurrencies, which has been a superior bearish influence for some time.

Altcoins like Chainlink and Ethereum Classic showed signs of a revival from their historical supports, but their trending and technical indicators were still bearish.

Chain link (LINK)

TradingView, LINK / USDT

Chainlink invalidated its long-term uptrend after a sharp dip hit its 19-week low on December 3. The cryptocurrency had weakened after hitting its six-month high on November 10. This decline marked a bearish channel as the LINK bulls struggled to maintain two month support levels at the $ 23.8 level.

Then the bulls attempted to rebound by rallying 18% from November 28th to December 1st. But the price fell back from the upper channel and succumbed to the wider sell-off.

Although the bulls fell, they provided the four month support at the 18.6 mark. As a result, LINK was trading at $ 20.13 after posting a 24-hour gain of nearly 6.74%.

the RSI reached its record low of 19.07 on December 4th. It has seen some recovery since then but still lingered in the oversold region. Furthermore, the EMA tapes visibly show a bearish trend as sellers change the trend in their favor.

Ethereum Classic (ETC)

TradingView, ETC / USDT

After ETC hit its ten week high on November 9th, ETC correlated with the overall trend when a dynamic downtrend took place. The bulls lost their advantage when the price fell between the downward channel. Then, after a 10% upside breakout on November 25th, the bulls were unable to hold their lead when the price fell, marking a symmetrical triangle.

The bulls had to hold 19 week support at the $ 44.7 mark. But they were unable to hold that level, causing another decline towards their seven-month low of $ 28.12.

However, at the time of publication, ETC was trading at $ 40.4 after seeing a 24-hour gain of 13.3%. the RSI saw a staggering dip towards the 12 mark but showed some signs of recovery over the past day. Also the DMI undeniably preferred bears with a high directional trend. On the other hand is that AO predicts a short-term bullish setback.

Avalanche (AVAX)

TradingView, AVAX / USDT

Despite a significant slump on December 3rd, AVAX has not given up on its long-term upward trend.

Since October 12th, AVAX has seen enormous growth thanks to steady upward movements. The digital currency posted an ROI of over 180% after 39 days to hit its ATH on November 21st. Since then, price has fallen back into trend until the upside channel collapsed on December 2nd. The Alt posted a 17.6% loss over the past week and found resonance in the broader market trend.

That drop quickly pushed the price below the $ 87.7 mark, but quickly rebounded and found support at the golden 61.8% Fibonacci Level. the RSI selected the bears but showed slight signs of resuscitation. Given the big difference between the DMI Lines, the market visibly signaled a downward trend for a while.

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