Chainlink(LINK) Price Analysis
Chainlink’s price has had a bearish start to the month as it marked the lows at close to $7 in the first few days of October. Further, the bulls quickly jumped in and uplifted the price, but failed to surpass the crucial resistance at $7.89. However, the price continues to hold the lower support at the 50-day MA levels, which may further induce significant bullish momentum in the coming days.
The LINK price is approaching the crucial demand area and is believed to rebound once the asset tests these levels. After a notable rebound, the price may initially test the immediate resistance at around $7.9, which is followed by a minor pullback. Sustaining the bearish action, the price may further make a move above $8.2 and finally lay down a path for an explosive upswing after retesting the lows below $8.
BinanceCoin(BNB) Price Analysis
Binancecoin had maintained a significant trend and was closer to reaching the immediate resistance level of $300. However, the BSC hack due to a bug within the Binance bridge squeezed nearly $100 million in funds as well as slashed the BNB price by 5%. The prices have now slumped down below the 50-day MA levels and are currently failing to rebound firmly.
The current trade set-up signals a bearish trend prevailing with the asset as the prices are primed to test the lower support at around $265. Moreover, the negative market sentiments that are spreading due to the recent security breach may eventually fuel the price decline. Hence, if the BNB price fails to hold at these levels, then a major drop may drag the prices lower towards the crucial support area at around $250.
Polygon (MATIC) Price Analysis
Polygon’s price in the last couple of days has been surging with huge bullish momentum that uplifted the price from $0.75 to as high as $0.86. However, the prices faced bearish action during the previous day’s trade but eventually managed to rebound finely during the early trading hours. Despite the depleted volatility, the MATIC price remains under the bullish influence, which may further raise the price close to the upper targets.
The MATIC price has risen significantly, while the possibility of a slight pullback may also hinder the rally. Hence, the asset is believed to drop significantly and test the levels below $0.8 for a while, after which a strong rebound may elevate the price towards the crucial resistance at $0.99. A strong bullish action may enable the price to even rise beyond $1 in the coming days.
Was this writing helpful?