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Home›Fibonacci›Chainlink, VeChain, EOS Price Analysis: April 24

Chainlink, VeChain, EOS Price Analysis: April 24

By Wanda M. Luce
April 24, 2022
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As Bitcoin dipped below its 20/50/200 4-hour EMA, broader sentiment moved back into the “extreme fear” zone. A consequence of this event can be reflected in the slight decline in the short-term technicals of Chainlink, VeChain and EOS.

Chain link (LINK)

Source: TradingView, LINK/USDT

While the $11.7 level support offered strong buying power for over a year, LINK bulls rose from its February lows to mark bullish trendline support (now resistance) (white , dotted line).

Then, since facing strong opposition at the $18 mark, the bulls succumbed to a decline following a broader sell-off. This fall saw a depreciation of almost 30% when it corresponded to its monthly low of April 18. However, LINK started to register gains again after rebounding from its base of $13.3.

Now the immediate hurdle for the bulls stood near the 20 EMAs (red) at $13.6. A close above this level would open up prospects to retest the 23.6% Fibonacci level.

At press time, LINK was trading at $13.57. IRSThe recent recovery of has not undermined selling power. Alas, the 46-50 range could pose heavy barriers in its current rally. Moreover, the VOB peaked lower while diverging bearishly with the price.

VeChain (VET)

Source: TradingView, VET/USDT

After crossing a rectangular range of $0.07-$0.08 for more than a week, VET saw a bearish decline. It lost nearly 32% of its value and plunged to its multi-week low on April 18.

The VET bulls finally found the ground that helped them stall this bearish rally. Despite this, the price sailed near the lower band of the Bollinger Bands while price devalued in a descending wedge (white). A sustained close below $0.057 would position VET for a test of $0.055 before a chance of a bullish retrace.

At press time, VET was trading at $0.05766. the IRS projected weak readings over the 4-hour timeframe as its balance was strong, hampering the bulls. Nevertheless, a bullish cross of the Round up (yellow) and the Aroon down (blue) Indicators have fueled short-term stimulus hopes.

EOS

Source: TradingView, EOS/USDT

EOS saw an upward slope (white) of 27.2% until it reversed from the $2.6 level. In doing so, it broke out of its reversal pattern and rested on its immediate trendline support (white, dotted).

Now the buyers are aiming to reclaim the $2.44 mark while the bears continue to obstruct this mark. As the 20 EMA (red) slipped below the 50 EMA (cyan), the sellers steered the short-term trend in their favor.

At press time, EOS was trading at $2.427. The bearish IRS failed to float above 42 while support at 37 appeared to contain short-term pullbacks. However, with the narrowing of the gap between the MACD and signal lines, buyers would likely not decline at immediate price support.

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  3. WTI braces for more decline below 61.8% Fibonacci retracement
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