Chainlink, VeChain, and EOS Price Analysis: 23 May
Post the market-wide plummet, Bitcoin [BTC] alongside most altcoins took a plunge to its multi-monthly/yearly lows on 12 May. In the last 11 days, the market entered into compression for the most part barring a few exceptions.
Now, the bulls have provoked a slight uptick in the trading volumes over the last day. Thus, trying to escape the low volatility phase to reclaim key price points.
Source: TradingView, LINK/USDT
LINK bears were on a roll after flipping one-eighty from the alt’s April highs in the $18-zone. The altcoin is now on a streak of lower peaks ever since. sellers found fresher resting grounds only to poke its 22-month low on 12 May after an over 55% five-day drop.
After breaking below the down-channel, the Pitchfork has offered a vital area of value over the last month. After the recent gains, the bulls finally managed to challenge the resistance exhibited by the lower fence of the Pitchfork.
At press time, LINK traded at $7.48, up by 6.24% in the last 24 hours. The RSI was quick to change its stance in favor of the buyers. But the CMF disagreed with the recent uptick by chalking out lower peaks over the last day. Thus, revealing a bearish divergence that may affect the short-term movements of the alt.
Source: TradingView, VET/USDT
After rebounding from the $0.08 ceiling on 31 March, the sellers drifted a rally toward the $0.02-support and matched VET’s position of January 2021. The altcoin shed over 73% of its value and plunged toward its 15-month low on 12 May.
After battling hard to topple the basis line (green) of the Bollinger Bands (BB), buyers were finally able to find a spot above the basis line. Now, the BB aimed to break its narrowed phase while the upper and lower band of BB looked on the opposite
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