As the bulls tried to counter the prolonged bearish tendencies in the market, Chainlink and EOS continued their up-channel oscillation. Chainlink flashed mixed short-term signals as EOS flashed a bullish bias.
On the downside, the Shiba Inu bears attempted to reach the $0.00002233 level while the bulls defended 59 mark RSI support.
Shiba Inu (SHIB)
As the bulls failed to defend the $0.00002914 level, SHIB fell rapidly, losing 58.6% of its value (as of Dec. 27). As a result, it hit its lowest point in 15 weeks on January 22. Then it saw a turnaround after the buyers came in at the $0.00001864 level.
The meme coin has witnessed a bearish pennant on the 4-hour chart for the past two weeks. Interestingly, in the past two days, the bulls have regained support at the $0.000022 level after noticing gains of over 19%. Immediate resistance remained at the top trendline of the pennant.
At the time of going to press, SHIB was trading at $0.00002268. After an increase of 30 points in two days, RSI withdrew from overbought territory in the past 24 hours. So it tested the 59 mark as the bullish influence waned. On top of it, the AO confirmed the declining buying influence as it approached the centerline.
Chain link (LINK)
The buyers lost their strength after LINK broke down from the up channel (yellow). For example, LINK fell by 53.09% (as of January 11) to reach a six-month low on January 24. However, the bulls eventually settled at $13.96 as the alt later recorded a 34.28% recovery.
As a result, LINK suggested a rising channel (white) on its 4-hour chart. Over the past week, the bulls struggled to find a sustained close above the $17.76 level. Now, any reversals from here would find a floor at the $16.68.
At the time of writing, the alt was trading at $17.78. After poking the 67 level on February 5, the RSI dived to test his immediate support. Any drop below 60 can cause further downfall. By the way, with the +DI looking north, LINK painted mixed signals. Furthermore, the ADX (directional trend) was extremely weak.
The recent down-channel (white) breakout quickly reversed due to the wider January 21st sell-off. As a result, EOS recorded a 30.41% decline, reaching its 22-month low on January 24.
Since then, the alt has seen an up-channel (green) recovery of 25.5% in the past 13 days. EOS posted more than 13% gains in just two days before retracing the up-channel’s upper trendline. Immediate resistance remained at the upper trendline. All retracements would find support near the 20 SMA (red).
At the time of writing, EOS was trading above its 20-50 SMA for $2.5. the bullish RSI saw impressive gains and found a sustainable close above the 61 mark.
This post Shiba Inu, Chainlink, EOS Price Analysis: Feb 06
was published first on https://ambcrypto.com/shiba-inu-chainlink-eos-price-analysis-06-february/