As Bitcoin continued to challenge its $39,000 resistance, Chainlink registered a 24-hour gain of 4.4% as it attempted to topple its Point of Control. Additionally, the retracement phase pulled VeChain below its 20-50-200 SMA. The short term technicals of VeChain and Sushi showed a bearish tendency but kept optimistic hopes alive as buyers continued to exert pressure.
Chain link (LINK)
Selling pressure mounted after the bulls lost the crucial $25.75 level.
As a result, the LINK collapsed to its lowest point in six months on January 24. However, the bulls eventually crossed the $13.96 mark as the alt gained more than 44% in a bullish channel (white).
Over the past ten days, LINK saw a pattern disruption and lost the crucial Point of Control (red) near the $15 zone. This level also coincided with the 20 SMA (cyan). Any close above this level could propel a restest towards $16.8.
At the time of writing, the LINK was trading at $15.21. After testing the 35 support several times, RSI revived above the 45 level. it still had to knock over the centerline to clear the way for a strong recovery. In addition to the super trend still showing red signals, in favor of the sellers.
Since hitting an 11-month low on Jan. 24, vocational education saw a 58.1% recovery as it tested the $0.069 resistance on Feb. 8. For the past few days, VET has formed a falling wedge (white) on the 4-hour chart.
Now the bulls found it challenging to test the wedge’s upper trendline. Further retracements would continue to see a test near the $0.049 mark before a possible reversal.
At the time of going to press, VET was trading below its 20-50-200 SMA for $0.051. The RSI the downward trend broke out from the oversold region. The goal now was to find a sustained close above 40 to boost any recovery chances. Also the AO reflected increasing buying influence, but still struggled to break the equilibrium.
Since February 8, SUSHI retreated into two down-channels (white) on its 4-hour chart and turned the 20-EMA (red) from its support to resistance. For example, SUSHI marked a retracement of nearly 30% in just the past 13 days.
This trajectory confirmed the increasing bearish strength. Now any close above the 20 EMA would confirm the possibility of a strong breakout.
As of going to press, SUSHI was trading at $3,743. The RSI recovered but still failed to cross the 42 hurdle. It still skews in favor of sellers after rising 11 points in the past day. Moreover, even the CMF fell below the half-line, indicating a slight bearish edge.
This post Chainlink, VeChain, Sushi Price Analysis: February 21
was published first on https://ambcrypto.com/chainlink-vechain-sushi-price-analysis-21-february/