Avalanche, Chainlink, CRV Price Analysis: 19 January
While Bitcoin struggled to counter its 4-hour 20-SMA, Avalanche, Chainlink and Curve DAO token flashed oversold RSIs. Their near-term technicals continued to flash a bearish edge. but is that it?
Avalanche (AVAX)
Source: TradingView, AVAX/USDT
After hitting its three-week high on 22 December, the alt steadily declined by marking lower peaks. It saw a 37.58% retracement and tested the $79.3-support twice in the last ten days.
The double-bottom breakout on its 4-hour chart failed to cross its month-long resistance at the $96.49-mark. Over the last three days, AVAX lost nearly 14% of its value. As a result, it plunged below its long-term 50% Fibonacci support. Now, the immediate resistance stood at the 20-SMA (red).
At press time, the altcoin was trading at $82.86. After confirming the Head and shoulder pattern, the 4-hour RSI tested the oversold region. Any close above the 39-mark would propel a fast recovery. Also, the CMF saw low money volumes but seemed to improve.
Chainlink (LINK)
Source: TradingView, LINK/USDT
LINK’s bulls retested the $22.42-level four times over the past month. They finally breached this level after the falling wedge (green) breakout. This breakout transposed into an up-channel (white). LINK noted a 50.2% ROI (from 1 January low) until it touched its seven-week high on 11 January.
While the Volume Oscillator marked lower peaks during this phase, the alt couldn’t sustain the bull rally. LINK lost over 25% of its value (since 11 January) until press time while it marked a falling wedge (yellow, reversal pattern).
Now, the current zone becomes vital for the buyers to step in and stall the sell-off. At press time, LINK was trading at $21.54. The alt’s RSI hovered in the oversold region and crossing the 30-mark is
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