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Chainlink, Zcash, BAT Price Analysis: 19 August

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After Bitcoin touched $12,500, Crypto Fear & Greed Index stood at 82 for the day and 80 for the week. It can be argued that some signs of a coming drop were in the making over the past couple of days. Bitcoin’s subsequent drop to $11,600 took with it the entire market, including recent stalwart performers like LINK, which took an especially hard hit after hitting ATH at $20. Zcash was hoping to reclaim an important level. BAT found strong support, and traders are keeping a close eye on BAT performance if it touched that support again to decide future action.

Chainlink [LINK]

Chainlink, Zcash, BAT Price Analysis: 19 August

Source: LINK/USD on TradingView

The woes continued for LINK. After hitting ATH of $20, LINK dropped nearly 25% to trade at $15.5 at press time. The volume profile showed that the nearest important levels were at $17 and $13.

If the sell-off continues, LINK can drop again to find support at $13.2. Awesome Oscillator showed a short-term shift in momentum to the sell-side.

The volume profile indicated that the price range from $16 to $14 saw thin activity in the past. This means that price is unlikely to rest for long in the said price range. Continued bearish momentum can get LINK to $13.

Suggestions that a Bitcoin rally can be the perfect salve for LINK to start regaining bullishness might be misplaced, as LINK is not an alt whose performance has had a strong correlation to BTC.

Chainlink is still ranked fifth on CoinMarketCap, with a capitalization of $5.6 billion. It had been near $6.7 billion when the coin was at ATH just a few days ago.

Zcash [ZEC]

Chainlink, Zcash, BAT Price Analysis: 19 August

Source: ZEC/USDT on TradingView

Zcash broke below support near $80.8 to trade at $79.57 at press time. The rising wedge pattern seemed to have played out to drive prices lower.

RSI showed a deeply bearish value of 35.1 at press time. This might cause a bounce in value, especially if RSI dips further and goes below 30, into the oversold region. This is unlikely to be more than a bounce, however. It might not signal a reversal.

ZEC could take more time to consolidate and find upside momentum. The coin needs to reclaim $80 support and successfully trade above the $80.8 region before the possibility of bearish momentum reversed can be considered.

Important levels for ZEC include its support at $72. Resistance was near $80.8 and $91.1.

Basic Attention Token [BAT]

Chainlink, Zcash, BAT Price Analysis: 19 August

Source: BAT/USDT on TradingView

BAT had shown the possibility of a break-out beyond a high last seen a year ago, at $0.36 in June 2019. But since, BAT has been rejected and forced to touch support at $0.317, where it witnessed good buying pressure to drive the price back up.

Chaikin Money Flow showed weakening capital influx. If it continues on the same path, BAT might see a sell-off that could see it drop further to find support at $0.278.

It is possible that buyers might step in again when the price is around $0.31 zone. BAT could see consolidation at support, before another attempt at $0.36 resistance. This is wholly dependant on investor confidence and market sentiment toward BAT in the short-term.

 

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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.
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