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Chainlink, Dash, VeChain Price Analysis: 02 December

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Source: Pixabay

Bitcoin rose above $19,000 once more but its recent volatility resulted in weakened bullish momentum for altcoins. At press time the king coin was being traded at $18,523 with a 24-hour trading volume of $71.3 billion.

Source: CoinStats

Chainlink closed outside an ascending channel and could see $12.6 support revisited in the coming days. Dash defended $100 support well, but the bears were not yet beaten back. VeChain saw a bullish trading pattern reverse and was pushed back beneath $0.0159 resistance once more.

Chainlink [LINK]

Chainlink, Dash, VeChain Price Analysis: 02 December

Source: LINK/USD on TradingView

LINK closed beneath the lower trendline of an ascending channel, a bearish reversal pattern. This development indicated the possibility that LINK would be forced to retrace the gains of November back to $12.3, the base of the channel.

The RSI dipped beneath neutral 50 and retested it as resistance, and could be headed lower once more. This would show a short-term downtrend in progress.

The most recent trading sessions posted gains of nearly 5.5% off the 50% Fibonacci Retracement level. Yet, this was in a trading session with low trading volume and was likely to be a bounce before another move downward for LINK in the coming hours.

Dash [DASH]

Chainlink, Dash, VeChain Price Analysis: 02 December

Source: DASH/USDT on TradingView

Dash appeared to form the beginnings of an Adam and Eve double top, a bearish pattern that would only be confirmed if the price closed a session beneath $86.

The defense of the $100 level was encouraging for bulls. The OBV showed that, despite the volatility in recent days, buying volume has steadily increased, with a series of higher lows posted on the indicator.

Hence, DASH appeared likely to head upward and follow the bullish sentiment of the market, unless Bitcoin or Ethereum see a deep correction. A retest of $93 support in the coming days could show a drop was imminent for DASH.

VeChain [VET]

Chainlink, Dash, VeChain Price Analysis: 02 December

Source: VET/USDT on TradingView

An ascending triangle was spotted for VET, but it quickly turned into a busted triangle after the prices reversed upon a rise above the $0.0159 level of resistance.

A close back below the level signified VET would head toward the base of the pattern at $0.014, and a candle’s long lower can indeed be seen to touch the projected level.

The bears, aided by a volatile BTC, were successful in pushing the price beneath $0.0159 level. The MACD had formed a bearish crossover but was still above the zero line.

50% of the drop from the local high at $0.0188 to $0.0122 is represented by the $0.0155 level, and bulls would look to flip this as well as $0.0159 resistance levels to support.

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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.