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Chainlink, Aave, Decred Price Analysis: 22 November

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The crypto-market’s total capitalization was recorded to be $528 billion, at the time of writing, with the larger market sentiment remaining strongly bullish after the previous day’s sizable gains. Further down the crypto-ladder, Chainlink touched $15 and it could see a minor pullback on the charts while the strong performance of Aave and Decred over the past month can be expected to be followed by a period of retracement in the price of both crypto-assets.

Chainlink [LINK]

Chainlink, Aave, Decred Price Analysis: 22 November

Source: LINK/USD on TradingView

Chainlink dropped from a high of $15.7 to retest the support at $14.55. A close below could see LINK dip further to $14, but the uptrend still remained strong on the charts.

The RSI, at the time of writing, noted a figure of 60, having moved above 50 over the past few days, a development indicating that an uptrend was in progress. The $14.5-zone was a strong area of support, and a close below $14 could give the bears an opportunity to gain some control over the market.

In other news, Value DeFi integrated with Chainlink after its centralized price oracles were exploited and $6 million was lost to a flash loan attack.

Aave [AAVE]

Chainlink, Aave, Decred Price Analysis: 22 November

Source: AAVE/USDT on TradingView

The Awesome Oscillator noted a change in momentum to the bearish side. Further, the Fibonacci Retracement tool highlighted some levels to watch out for.

It was possible that Aave would see a pullback to the support at $58.6, or even a drop to the 38.2% retracement level at $53. Strong surges do see retracements as far as the 50% level, so Aave would still have a long-term bullish outlook even after a test of the $46.2-level.

In the short-term, some losses can be expected in the coming hours.

Decred [DCR]

Chainlink, Aave, Decred Price Analysis: 22 November

Source: DCR/USDT on TradingView

Decred was a similar scenario to Aave. DCR posted gains of nearly 110% over the past three weeks after a breakout beyond the $11-level.

The Fibonacci Retracement tool highlighted the 38.2% and 50% retracement levels as a longer-term pullback target for DCR. These were the $18.29 and $16.69 levels, respectively, with a support level at $16.64 also giving confluence to DCR.

In the short-term, the MACD formed a bearish divergence above zero and indicated that DCR would dip further.


Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.
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