In Brief
- Chainlink (LINK): A looming death cross and a lost $11 average keep pressure on the price, with $10 as key support.
- Cardano (ADA): The prolonged downtrend continues at $0.1776, with $0.16 as the next possible support.
- Ethereum (ETH): The price risks losing $2,000 after falling to $2,095, with $1,900 as the next area to watch.
- Dogecoin (DOGE): The price holds near $0.07 support at $0.0694, while moving averages above remain resistance.
Chainlink (LINK): Death Cross Looms Below Moving Averages
Chainlink sees a death cross approaching on the chart, with a solid possibility of an aggravation of the current state of affairs on the market. LINK is trading at around $10.49 at the moment, moving below every moving average on the daily chart.
The asset has already lost roughly a third of its value since the late September peak near $15.70, when the rally essentially ran out of steam.
The 50 EMA is rapidly diving down and most likely to cross the 100 EMA sooner rather than later. The 50 EMA sits near $11.70 right now, while the 100 EMA is around $11.40, so the gap between them is getting thin.
EMAs are also converging – an important sign that might cause some worrying certainly. The longest moving average on the chart, at around $11, was lost in early November, and LINK hasn’t been able to get back above it since.
Luckily, volume is descending, so there’s a good chance that things will stabilize rather than degrade from here. Daily volume in November is visibly lower than during the sell-off at the end of October, which is a good sign.
RSI is moving sideways, in a tunnel around 50, so the situation is, in some sense, neutral for the asset. The indicator hasn’t made any sharp moves since mid-October, and the market isn’t anywhere near the oversold zone.
Fundamentally speaking, Link also had a strong catalyst: Charles Schwab announced it will add LINK to its crypto trading platform, on par with Solana and Avalanche. The news came out on August 27, but LINK is now trading lower than it was on that day. We should also keep in mind that Schwab hasn’t named a launch date yet, so the catalyst might still play out once trading actually goes live.
For now, the closest support is the $10 price threshold, where buyers already stepped in twice over the last two weeks. If the death cross gets confirmed and $10 breaks, the drop most likely won’t stop there, unfortunately.
Cardano (ADA): Prolonged Downtrend Continues
Cardano continues the prolonged downtrend, with a possibility of plunging even lower in the foreseeable future. ADA is trading at around $0.1776 at the moment, and it has already lost roughly 37% since the early October peak near $0.28. This week, the price dipped to around $0.1715, back to the levels last seen in mid-August, right before the late-summer rally.
Trend is strong, it’s descending, the bear market is certainly having an upper hand here.
RSI is at the bottom though, so there isn’t much room for bears to operate here. The indicator is moving below 40, close to the oversold zone, which might slow the selling down for a while.
A strong uptick in volume here would be beneficial. Daily volume in November is among the lowest on the chart, so buyers aren’t really showing up even at these prices.
The lack of catalyst is the larger problem: ADA has no traction around it and there’s certainly a chance that it won’t appear in the foreseeable future.
Fundamentally, ADA had no breakthroughs recently apart from the foundation’s support of Cosmos IBC transition to Linux Foundation governance. It’s more of an interoperability and institutional infrastructure related development.
If the selling continues, the July range around $0.16 is the next area where ADA could find support. Until volume returns, bracing yourself for more downside might be the wise choice, unfortunately.
Ethereum (ETH): Risk of Losing $2,000
Ethereum is certainly struggling, with a solid risk of losing $2,000 price level much sooner than anticipated. Price is already spilling, and somewhat in the freefall. ETH is trading at around $2,095 at the moment, after a big red candle on November 8 took the price down from the $2,230 area.
The asset has already lost roughly 25% since the September peak near $2,800. The current price is also the lowest close since the August breakout, when ETH jumped from the $1,900 area in a matter of days. Most of the late-summer gains are essentially gone.
ETH moves below all major moving averages after losing the black one at around $2,300 in late October. That level is most likely acting as resistance now. The short-term green average is aiming downwards and has already slipped below it, hinting at the aggravation of the current trend.
The November 4 bounce towards $2,450 didn’t last either. ETH lost the whole move the very next day, which is an unfortunate sign for anyone hoping for a quick recovery.
RSI is still at the bottom and there’s a good chance a bounce is still possible. The asset is clearly oversold. The indicator is hovering close to 30, so sellers might run out of steam soon. If the bounce happens, the black moving average around $2,300 should be the first target.
Volume is descending and overall trend is losing power. Even the November 8 drop came with lower volume than the sell-off at the end of October, so the freefall isn’t backed by panic just yet. A strong uptick in selling volume would change the picture, though.
Realistically, the $2,000 price threshold is the first thing buyers have to defend. If it breaks, the next area to watch is around $1,900, where ETH spent most of July and August. A proper recovery, on the other hand, would only start after ETH gets back above $2,230, and that’s not happening yet, unfortunately.
Dogecoin (DOGE): Solid Support Near $0.07
Dogecoin falls flat on the strong support level at approximately $0.07 with a possibility of a further recovery. DOGE is trading at around $0.0694 at the moment, just a little below the round number. The price briefly dipped to around $0.0672 this week, but the daily candle closed back near the support.
Support coincides with the point of the previous buying volume surge, where things should become way better if possible. DOGE spent most of July and August around this level before the late-August breakout pushed the price above $0.09 in a matter of days. That breakout came with one of the biggest volume spikes on the chart, so buyers clearly remember the $0.07 area.
Despite, luckily, descending volume, the bearish trend is holding up way too good, with continuous pressure provided on the shoulders of Dogecoin. DOGE moves below all major moving averages, and all of them are aiming downwards. The closest one sits at around $0.0765, most likely acting as the first resistance in case of a bounce.
RSI is closer to the ‘oversold’ zone and market’s reaction to it isn’t yet clear. The indicator is moving around 35 right now. Combination of all of those factors suggests rather calmer price movement, than a severe downtrend that can damage Dogecoin’s recovery pathing
Apart from the market picture, Dogecoin saw a testnet infrastructure update, with the improvement to L2Reth testnet infrastructure, providing more reliable node restarts, snapshot restorations and deployment configs.
Such updates are essentially technical, so they most likely won’t move the price on their own. Still, it’s a good sign that development around Dogecoin keeps going even when the market isn’t favoring the asset.
