As the market tried to recover amid mounting tensions in Russia, companies like Chainlink and MATIC forecast growth patterns. However, TRX seemed more inclined to the bears.
Chain link (LINK)
Although bulls made a desperate attempt to recover from the December crash, CLUTCH fell to a one-year low support level of $11.68 on Feb. 24. In addition, the ongoing sell-off during the Ukrainian crisis pushed the currency down the charts. Over the past week, however, the bulls took over and the alt moved higher. So marking higher peaks and valleys (yellow dotted line).
Last week, however, LINK made a solid recovery of 28.93%. In doing so, resistance touching the $15.00 level. At the time of going to press, the alt was trading at $15.04. It is striking that the volume has fallen in the past two days. Consequently, at the time of writing, LINK appeared to be breaking the trendline support. The RSI fell sharply from overbought territory to a bearish 39.45. Even the AO confirmed bearish momentum as it dipped slightly below the zero line.
MATIC gained about 27% in the past week after retesting the support level at $1.32. Like many other currencies on the market, MATIC took a dive as global tensions escalated due to the Ukrainian conflict. But it quickly recovered. Over the past week, MATIC formed a wedge (white line) as it marked higher lows and reached resistance at the $1.65 level.
Like Chainlink, MATIC has depreciated in recent days following bearish momentum. During the press period, MATIC traded at $1.61, a loss of 1.28% from the previous day. The RSI went from an overbought area to 47.63 in recent days. Advancing this momentum could cause the alt to breach the trendline support and move towards the next $1.50 support level.
TRX It followed a downward trend since mid-February before gaining critical support at the $0.0574 level on Feb. 24. However, the same level was tested again on February 26 and 28, respectively, weakening it further. Sudden buying pressure helped the alt move up a bit. Consequently, on March 1, the token faced a new resistance at the $0.0624 level.
However, over the past day, the coin appeared to be empty again as volume was declining. The next support level is $0.0597. Additionally, at the time of writing, TRX was trading at $0.0612. The RSI stood at 42.74 after the sale on March 2. however, the OBV line indicated there was a possibility that the coin would move up if buying pressure hits.
This post Chainlink, MATIC and TRX Price Analysis: February 03
was published first on https://ambcrypto.com/chainlink-matic-and-trx-price-analysis-03-february/