After touching $18, LINK cooled down as the bears attempted to take prices towards its immediate support. XMR gave mixed signals and its movement could depend on market leader Bitcoin moving forward while DOGE continued its consolidation between $0.011 and $0.008.
Source: CoinStats
At press time Bitcoin had fallen below the $40k level and was trading with a 24-hour volume of $43.5 billion.
Chainlink [LINK]
Source: LINK/USD, TradingView
A bullish rally over the past couple of days saw LINK hit a local high at $18.5, which was not too far away from its all-time high of $19.17. However, the price took a u-turn in the last trading session as sellers targeted a fall below $16.31 support. This pivotal support level could determine whether LINK can manage to sustain the upward movement witnessed on the charts in the past 48 hours. For now, the indicators suggest that momentum rests with the sellers and a move below the $16.31 mark could be possible unless a broader market rally manages to lift the price.
The MACD was on the cusp of a bearish crossover as the signal line was looking to catch up to the fast-moving line. If a crossover is witnessed, support at $16.31 could be threatened.
The On Balance Volume was hitting lower highs, a sign that selling pressure could drive prices lower in the short term.
Monero [XMR]
Source: XMR/USD, TradingView
XMR’s movement has been erratic ever since the privacy-focused cryptocurrency was targeted by Bittrex. Prices plunged towards support at $128.56 as sellers gripped control of the market. However, since that point, buyers have tried to sway the price in their favor as XMR rose above several resistance levels and headed towards late-December levels. A look at the 4-hr chart now shows that the upward momentum was losing steam and the price could fall back to its support at $143.34 unless buyers intervene once again.
The Stochastic RSI confirmed the bearish nature of the price as the index shot lower towards the neutral zone from the overbought region. A move towards the oversold region could see prices trade close to their present support at $143.34.
On the flip side, the Awesome Oscillator disapproved of the bearish momentum and suggested that the market could belong to the bulls as the green bars rose above the equilibrium mark. If the bars rise over the next few trading sessions, the price could rise towards the coveted $168.43 mark.
Dogecoin [DOGE]
Source: DOGE/USD, TradingView
DOGE has been rather quiet on the charts ever since a break above the $0.011 mark. Since then, the price has consolidated between $0.011 and $0.008. Indicators suggest that the price could continue to trade in between their present channel moving forward.
The Bollinger Bands showed a low degree of volatility in prices as the bands were constricted.
Chaikin Money Flow highlighted the fact that a lack of interest in the crypto asset had kept prices subdued as the index moved steadily below the zero mark.
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