Chainlink, Avalanche, The Graph Price Analysis: March 16

Chainlink bounced back above the $13.4 level, but it appeared that there were no strong buyers in the $13 area for LINK. This indicated that despite the upward movement in recent hours, the long-term trend remains bearish for Chainlink. Avalanche tried to break out of a bearish channel, while The Graph recorded new local highs at $0.45.

Chain link (LINK)

Source: LINK/USDT on TradingView

$13.4 represents a level LINK previously tested on July 19, 2021. This level was also the lowest of a range in which LINK has been trading for the past ten months. However, for the past three weeks, LINK bulls have been battling to hold the $13.4 level.

In the past few hours, the price has risen again above $13.4 to trade at $13.87. The $14.2 area represents a supply area. In the south there could be some demand in the $13.4-$13.5 range. However, the OBV formed lower highs – a clear lack of consistent demand. The RSI showed strong bullish momentum and could see LINK test $14.2 again.

Avalanche (AVAX)

Source: AVAX/USDT on TradingView

AVAX traded in a bearish channel (yellow). The middle class (dotted white) supported the price and saw a jump in recent hours. The Awesome Oscillator climbed back above the zero line to signal some bullish momentum. The CVD has shown strong buying pressure in recent hours as the price climbed from the lows at $66.1 to test $72.

A move past the $71 level and the channel highs, and a retest of the channel’s upper bound as support, could present a short-term buying opportunity.

The graph (GRT)

Source: GRT/USDT on TradingView

As of late February, GRT was trading sideways and within the range of $0.315 to $0.393. Recently, GRT saw a lot of buyers and the price rocketed from the range lows to break above the range highs. As of going to press, the price had bounced from $0.45 local highs to retest the $0.42 level as a support.

A deeper pullback to $0.39 cannot be ruled out so the $0.39 and $0.42 levels can be used to build a long position. To the north, the $0.45, $0.48 and $0.53 levels represent resistance levels. The CDV showed high buying pressure behind GRT’s rally, while the AO also showed strong bullish momentum.

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