The market revamped the trend from the stability that followed following the declines on Monday this week. While Bitcoin (BTC) and the other major cryptos only added slight gains, there are selected tokens that are blowing the roof with gains between 10% and 35%.
ChainLink (LINK) Price Analysis
ChainLink, for instance, has gone ballistic on the day recording gains of 28.40% and counting. This bullish trend has been gaining traction from the declines earlier in the week, which found a support at $0.4. There was struggle with the resistance at $0.48 capping the gain in the last couple of days. However, the buyers using the support from the bullish trend line pushed for gains above $0.5. The retracement continued past the key resistance at $0.54. Moreover, the trend seems unstoppable above $0.58. The bulls have their eyes glued on $0.6 in the near-term.
Technical indicators on the chart are still pointing towards viable buy signals. The stochastic at 95.79 is a significant buy signal. Moreover, the MACD on the 15’ chart is at +0.0113 to show that the buyers have the say for now. A slight correction from the intraday high is expected especially if the buyers fail to overcome the resistance at $0.6. Fortunately, the trendline support is in position to stop declines above $0.54 (resistance turned support). Another support is highlighted at $0.48 while the primary support can be observed at $0.40.
Storj (STORJ) Price Analysis
Storj is another token that is performing incredibly well in the market today. CoinMarketCap shows a 14.17% surged in a 24-hour period. Most of the gains took place toward the close of the session yesterday. The support at $0.29 (lower range limit) was instrumental in the period leading to the spike.
STORJ/USD engaged the forward gears using the trendline. The move cleared the resistance at the 100 simple moving average igniting an extended bullish move past the 61.8% Fib level of the last drop from $0.4159 to a low $0.2976. The crypto continued the ballistic move above $0.4 before the trend lost steam at $0.4159 (swing high).
The declines from this high formed a contracting triangle with the ascending trendline, which is currently nearing a breakout. Attempts to move past the triangle resistance have been futile but the buyers are holding ground at the 38.2% Fib level. If the trendline support is broken, STORJ/USD will find another support at the 100SMA. However, the stochastic shows that the bulls are in control with the buy entries still viable above $0.340.
Horizen is seen trading at $14.70 following a correction from the highs marginally above $17.50. The surge yesterday came after a short period of consolidation in the wake of the widespread declines at the beginning of the week. While the bulls are looking forward to levels above $20, the bears are battling to cancel the gains towards the support highlighted $13.00.
If the buyers maintain the price above the trendline support, ZEN/USD will be safe from further breakdown. The immediate resistance is seen at $15.00 with the next key hurdle at $16.00. Moreover, the buyers will face critical pressure at the upper supply zone at $17.40. The MACD signal is heading to the south showing that the bears are gaining ground against the bulls. A break above the short-term resistance ($15.00) will see the price test $16.00 in preparation for the surge above $20.00.