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LUNA, POLKADOT AND CHAINLINK – CRASH ON THE ALTCOIN MARKET!

 


After the dump is before the pump? Today we're going to take a closer look at LUNA, Polkadot, and Chainlink. How deep can it go? Where is a possible bottom for these altcoins?


Terra (LUNA) has also been hit hard in the last few hours. We've now lost over 25% in the last 24 hours. Of course, that was also due to the fact that we were in an area where there was hardly any support.


We are currently at around $57.50 and in a strong support zone. This goes from about 57 - 52 USD. Recently we have seen a bounce on monthly support S1. Many support zones also overlap at this cell.



It would now be important that we first consolidate at this point and strengthen the support here in order to possibly get a bounce upwards. Because we were sold out so quickly, of course we don't have any resistance at first.


Polkadot (DOT) is also now in a key support zone. After we found ourselves in free fall here too, we are now entering a stronger support zone again for the first time.


We are currently trading around $17.80 and have tested this important key level. Here, too, it would now be important that we first find support in order to then form a bullish pattern.



The RSI is in an absolute oversold territory. We see these values ​​in almost all altcoins and we have not seen them since the so-called corona crash in March 2020.


Chainlink (LINK) has meanwhile more than reached the price target of our former falling wedge . Now we have, first of all, additionally broken through the important uptrend (blue line) downwards.


The sales volume is still there and has not particularly decreased. At the moment we are at around USD 15.70 and therefore still above our monthly support S1. This can be started again.


In addition, we have now formed a lower low. So there can no longer be any talk of an uptrend. The RSI is also in a significantly oversold territory. A consolidation would be desirable.



Attention: Always keep an eye on Bitcoin in the analyzes mentioned above! Bitcoin is now also coming into strong support zones, but we still have potential up to around USD 32,000. Thus, the altcoins can correct again more strongly.

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