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CHAINLINK AND ALGORAND - ALTCOIN CHART ANALYSIS

 


This weekend you chose Chainlink and Algorand. Is the sideways phase slowly coming to an end? Which support and resistance zones are now important for the near future?


Like most Altcoins, Chainlink is in a superordinate sideways phase. So far we have not managed to leave the area around 23.00 USD or to confirm it as support.


At the moment we are at approx. 20.91 USD and thus exactly at our monthly resistance P, which we are apparently just trying to confirm as support. At the same time, we broke the 4H-EMA ribbons.



It is now important that we can hold this area and see an impulsive movement upwards from here. The 200 EMA is still directly above us. If we break this, Chainlink has room for improvement first.


We see a completely different picture in the LINK / BTC daily chart. Here we are in a clear downtrend (blue line), where we have been rejected again and again and have fallen down.


At the moment we are at around 0.00044 BTC, just below the downtrend. It is important here that we break this trend and confirm it as support. However, there is a lot of resistance above us.



Starting with the monthly resistance R1 and ending with the 200-SMA (last 200-average candles / purple) and the 200-EMA at approx. 0.0005 BTC. If we break this resistance, we have room for an upward move here, too.


Algorand (ALGO) has also been in a sideways phase for a few weeks, which we recently fully exploited with the lower end of our green support box. The trading volume continues to decline.


We are currently trading at around USD 1.70 and most recently managed to break above the 200 SMA on the 4H chart. We have also confirmed the monthly resistance P as support.



Little has happened since then. We are lacking some volume to attempt a definitive upward breakout. The next significant resistance is around $ 2.00 with the monthly resistance R1.

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