Bitcoin continued to drop as major exchanges saw hundreds of millions of dollars liquidated. Chainlink dropped sharply past the $28.34 level of former support. Bitcoin SV retraced most of its gains of the past few days, and Algorand managed to hold steady above the $1 mark.
Source: LINK/USD on TradingView
Even before Bitcoin’s sharp descend back beneath $60k, Chainlink had shown weakness in the markets. LINK faced stiff resistance at $32 and was unable to defend the $30 support, and tested it as resistance and continued to drop.
At the time of writing, the most recent trading session had not yet closed on the 4-hour charts. The $27 mark is expected to offer some support to LINK.
The region of demand just beneath $26 is likely to be tested upon a session close beneath $27, as the RSI sank below neutral 50 to indicate strong bearish momentum.
Source: BSV/USDT on TradingView
Bitcoin SV surged past the $193 level to test the $236 area. In early February, BSV behaved similarly and broke past $185 and $193 to test $236, a pullback to $205, and a surge to $270.
This time around, the bearish sentiment was strong behind BSV as almost all the gains of the past few days were wiped out. The 78.6% retracement level, and the $183-$185 area can serve as support for bulls to consolidate above.
If Bitcoin drops below $54,500 it is likely to drag BSV to $173 as well.
Source: ALGO/USD on TradingView
Algorand has defended the $1 level of support multiple times over the past two weeks after dipping beneath to test the $0.86 level. The past few days have seen ALGO register higher highs, but the OBV hinted at a bearish divergence.
The OBV formed lower highs to indicate that selling volume exceeded buying volume. This divergence showed that ALGO’s rise toward $1.26 was not backed by strong demand, and over the next week, ALGO could correct to $1.1 or even as far as $1.
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