Analysis of Shiba Inu, Chainlink, and EOS Prices: 06 February

Chainlink and EOS resumed their up-channel oscillation as the bulls attempted to counteract the long-term negative tendencies in the market. The short-term signals from Chainlink and EOS were mixed.

Bears sought to break the $0.00002233 level, while bulls defended RSI support at the $0.00002233 level for Shiba Inu.

Shiba Inu (SHIB)

shiba

After failing to defend the $0.00002914 level, SHIB quickly plummeted and lost 58.6 percent of its market capitalization (from 27 December). As a result, on January 22nd, it hit a new low of 15 weeks. At $0.00001864, buyers jumped in and caused a reversal in the trend.

Over the previous two weeks, the meme coin’s 4-hour chart has shown a bearish pennant. After a two-day run of gains totaling over 19 percent, the bulls have recaptured support at $0.000022. The upper trendline of the pennant remained the first line of resistance.

When this article went to print, SHIB was trading at a price of $0.00002268 per share. It took the RSI 24 hours to come back from overbought territory after a 30 point increase in two days. While the bullish influence reduced, it went to the 59-mark. Furthermore, the AO verified the diminishing effect of buyers as it approached its midpoint.

Chainlink (LINK)

LINK

After LINK collapsed from the up-channel, buyers lost their vigour (yellow). For example, on January 11th, LINK’s share price fell by 53.09 percent to a six-month low on January 24th. A 34.28 percent rebound was finally seen once the alt reached the $13.96 barrier.

On its 4-hour chart, LINK displayed an ascending channel (white). The bulls have been unable to close above $17.76 for the past week. The $16.68 level is now the floor for any reversals from here.

The alt was trading at $17.78 as of this writing. The RSI dipped below the 67-level on February 5 to test its immediate support, after the 67-level poke. It’s possible that a drop below the 60-point threshold will set off a chain reaction. The +DI was also pointing north, which made LINK paint a muddled picture. There was also an extremely modest directionality signal from the ADX (a technical indicator).

EOS

EOS

Due to the general sell-off on January 21, the most recent down-channel (white) breakout was soon reversed. A 30.41 percent drop in the value of EOS led to the cryptocurrency hitting a 22-month low on January 24, 2018.

A 25.5% up-channel (green) recovery has been noted in the alt over the last 13 days. It took EOS just two days to gain more than 13% before reverting from the up-upper channel’s trendline. The top trendline remained the immediate barrier. The 20 SMA would serve as a safe haven for any retracements (red).

EOS was trading above the 20-50 SMA at $2.5 at the time of this writing. The bullish RSI made significant gains and closed above the 61-mark for the first time in a long time.

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