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Chainlink, ETC, Dogecoin Price Analysis: 18 August

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Chainlink’s price dipped alarmingly, registering close to 20% loss within an hour. This action happened hours after Bitcoin reached a local high of $12,499. Ethereum Classic, on the other hand, saw registered a recovery while Dogecoin failed to carry a lot of momentum and looked likely to slip further down in price.

Chainlink  [LINK]

Ethereum Classic, Dogecoin, Chainlink Price Analysis: 18 August

Source: LINK/USD on TradingView

Chainlink currently occupies 6th spot on CoinMarketCap’s list, after its market cap fell from $6.7 billion to $5.86 at press time.

The bearish divergence had played out, with price retreating as low as $14.8 on the pullback. A divergence is when price does not agree with the momentum of the indicators. In this case, the price made higher highs while RSI made lower highs, indicating the weakening of the trend.

It was still unclear what the future holds for LINK. It has been one of the strongest performing large-cap assets and it might be too early to decide that LINK is now set for a deep correction, based on this recent dip.

LINK needs to hold the support recently established near $16.6. The loss of this level can drop prices to $14.

Ethereum Classic [ETC]

Ethereum Classic, Dogecoin, Chainlink Price Analysis: 18 August

Source: ETC/USD on TradingView

Ethereum Classic had a turbulent start to August with reports stating that multiple exchanges were considering delisting ETC after a successful hack of its vulnerable blockchain.

Ethereum Classic experienced two separate 51% attacks that raised huge question marks over its network security. A hacker had performed OKEx trades, then accomplished a double spend on the ETC network, causing a loss of $5.6 million to users.

The coin’s price recently embarked on a recovery. At press time, Parabolic SAR gave a buy signal, strengthened by the fact that the 20 SMA (white) had crossed over the 50 SMA (yellow).

MACD indicator is also in the bullish territory.

Dogecoin [DOGE]

Ethereum Classic, Dogecoin, Chainlink Price Analysis: 18 August

Source: DOGE/USDT on TradingView

The meme-coin has not been positioned to perform strongly in the markets. After the TikTok pump, DOGE has retreated 30%.  The rank 37 coin had a capitalization of $459.3 million.

Support in the short-term was near $0.00358 and $0.00335. CMF indicated weakening capital flow into the market and suggested a further decline in price was likely.

In recent news, cybersecurity researchers at Intezer found that the Dogecoin blockchain was being abused to breach certain cloud servers.


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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