Chainlink (LINK) and Avalanche (AVAX) Technical Analysis: What to Expect?
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Chainlink (LINK) and Avalanche (AVAX) Technical Analysis: What to Expect?

May 26, 2021      Dalmas Ngetich

Avalanche and Chainlink prices are bottoming up. AVAX/USDT immediate resistance is at $23, while LINK/USDT prices may race to $54.

Chainlink (LINK)

LINK is the governance token of Chainlink, a blockchain agnostic and abstraction layer linking external data with smart contracts.

Past Performance of LINK

As of writing on May 26, LINK/USDT prices are bottoming up after sinking by over 40 percent from Q1 2021 peaks.

The LINK price is up 22 percent against the greenback as trading volumes expand, rising seven percent to around $2.9 billion over the same period.

Day-Ahead and What to Expect

The path of the least resistance remains upwards reading from the Chainlink technical analysis.

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Although corrections were deep, as LINK/USDT fell by over 60 percent, bulls’ hopes are still valid.

A double bar bullish reversal pattern bounces from the 78.6 percent Fibonacci retracement level of the Q1 2021 trade range with decent trading volumes.

Still, the middle BB—a flexible resistance level—now acts as a liquidation line.

LINK/USDT Technical Analysis

Chainlink Price Daily Chart for May 26

Overly, LINK prices are under pressure.

From the daily chart, however, every low may be a loading opportunity for aggressive traders.

Buyers can buy the dip and target $54, aware that a reversal below $20 invalidates the uptrend. In the latter case, LINK may crater back to $8—the Q1 2021 lows.

Avalanche (AVAX)

AVAX powers the Avalanche protocol. Here, users can launch DeFi services, including assets, trading, and dApps.

Past Performance of AVAX

There are hints of strength, but aggressive bears still pin AVAX prices down.

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However, on the last day, AVAX is up 10 percent against the USD and up four percent versus BTC.

At the same time, trading volumes are down 16 percent, falling to $191 million on the last trading day.

Day-Ahead and What to Expect

From the daily chart, AVAX/USDT technical analysis is within a bear breakout pattern.

The immediate resistance level is $23. AVAX bulls must overcome the critical resistance, previous support, level.

This way, the downtrend would be nullified.

AVAX/USDT Technical Analysis

Avalanche Price Daily Chart for May 26

The rebound from around the 78.6 percent Fibonacci retracement level is with low trading volumes.

While aggressive AVAX/USDT bulls may load the dips with targets at $23, risk-averse traders can wait for sharp gains.

In that case, their targets would be at $40.

On the reverse side, losses below $15 invalidate the uptrend, setting the base for bears aiming at $10.

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#Avalanche #AVAX #AVAX/USDT #Chainlink #DeFi #LINK #LINK USDT
Dalmas Ngetich
Dalmas Ngetich

Dalmas has been passionate about the blockchain and crypto space ever since he’s heard about it. As someone who’s been closely following the trends in the crypto space, Dalmas is excited about what lies ahead in this niche and is all set to explore it. While he’s been advocating crypto adoption for a number of years, he’s himself a HODLer, which makes his voice authoritative and credible.