Chainlink seems to be surging alongside bitcoin at the moment. The coin has seen a 13% hike in the last 32 hours, and more might be on its way as bitcoin shows no sign of stopping anytime soon. This surge for Link also coincides with its breakout of the triangle pattern as shown in the chart attached above.
Going forward, we can expect Chainlink to drop, or at least that’s what its technicals are indicating. From the chart, we can see that Link’s RSI indicator shows that it is oversold and the same is happening with its Stochastic RSI. Hence, we can expect Chainlink to reverse at the immediate resistance at $14.9 or at a level before that.
Unlike Chainlink, Atom is showing clear signs of exhaustion. Trading at $5.58 per coin at the time of writing, Atom is poised for a reversal. This reversal could push the price down to $5.248 or perhaps even lower.
The reasons for this reversal are plenty, let’s start the trend-based Fibonacci tool, which shows resistance at $5.63 aka 1.618-level. This golden ratio level could prove to be extremely tough for the price to breach.
Adding to this is the RSI indicator which has formed a bearish divergence with the price. Moreover, the Stochastic RSI is also in the oversold zone pushing for a bearish crossover.
Basic Attention Token [BAT]
Basic Attention Token has formed a rising broadening wedge, while its price is surging significantly. This could mean that the correlation of BAT with bitcoin is considerably less than with other altcoins. Regardless, the coin does show a short-term bullish outlook as represented by the Stochastic RSI. However, this could be false as the RSI indicator is quite close to the oversold zone.
We can expect the token to experience more choppy price movement even in the future at this current price range.