Eos, Vechain And Chainlink’s Bearish Gravitation: Crucial Levels To Watch Out For!

By victoria
December 16, 2021 Updated December 16, 2021
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EOS was trading at $3.18 and had declined on its chart by 3.3% over the last 24 hours. The token had been displaying a bearish price trajectory and at the current price level, EOS was almost 151% below its all time high. The consolidation on its charts forced buyers to exit the market, the token recently fell below its long standing support level of $3.28.

 EOS/USD One-Day Chart 

The Relative Strength Index displayed negative buying pressure as the indicator remained below the half-line ever since the end of November. If buying pressure revives, then EOS might find itself trading near its immediate resistance of $3.28 and then finally at $3.66.

In respect to volatility, the indicator displayed narrowed bands, which meant that volatility would remain low and EOS could continue to trade in a consolidated manner. Further consolidation could also push the coin to trade lower than its current price level at its local support of $2.93.

Chaikin Money Flow had displayed considerable signs of recovery in the last few days, but as support from broader market withdrew itself, capital inflows also had started to lessen.

VET/USD One-Day Chart 

VeChain declined over 13% in the last one week and at press time the coin was trading for $0.0754. Over the last 24 hours VET declined 3.7%. As seen on the daily chart, VET was trading within a descending channel. VET seemingly would encounter a robust resistance at the 61.8% Fibonacci level. Immediate resistance for the coin stood at $0.0772, breaking above which VET could trade around the $0.1007 mark.

The Relative Strength Index remained below the half line for the past few weeks and buying action remained bearish. On the Directional Movement Index the -DI stood over the +DI line which indicated that the trend for the coin was bearish at the time of writing.

With continued decreased buying strength, VET could soon fall to the $0.0576 support line. Although VET’s trading trajectory was bearish, the coin was still 100% above its all time low price.

LINK/USD One-Day Chart

Chainlink was trading for $17.41 and it noted a 2.7% depreciation over the last 24 hours. The coin was trading within its descending channel. The immediate resistance for the coin stood at $21.31 and the other price ceilings stood at $24.93. The price of LINK was seen below the 20-SMA which meant that price action was dominated by sellers in the market.

The local support level of the coin was at $17.38 and $13.77. If buyers come back to the market, Chainlink might witness a resistance at the 38.2% Fibonacci level.

The Relative Strength Index was in the bearish zone. With a fall in selling pressure, LINK might retest the $21.31 and $24.93 level again.

Victoria is a Nigerian journalist and entrepreneur with a background in Communications. She's interested in writing about Cryptocurrency, Blockchain and Humans. She owns a tad bit of BTC and ETH and her favorite thing to do is sit by the ocean listening to Beyoncé.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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