Polkadot, Chainlink, Ethereum Basic Worth Evaluation: June ninth – AMBCrypto Information
Polkadot faces a difficult task recovering from recent lows given the stunted buying pressure on the asset. Chainlink, hovering between its constrained range since early June, saw a downtrend as it broke a key support level. In the end, Ethereum classic recorded low volatility and volume over the past week.
While the three assets showed a bearish trend, Speckle and Chain link could be heading for better rallies while Ethereum Classic could face further consolidation.
Polkadot’s Gavin Wood announced the schedule and some recommendations for launching Parachain Slot Auctions on June 8th, which will allow projects to obtain a lease to build on Polkadot’s Kusama network.
POINT got off to a strong start this month as it showed signs of rebounding from the May 19th price drop. The coin climbed almost 40% in 3 days and fell 27% the following week. At the time of publication, DOT was trading at $ 21.3 and was ranked 9th on CoinMarketCap.
Relative Strength Index on the asset, stressed that selling pressure was prevalent as the indicator fluctuated between 28 and 33; However different Bolinger tapes highlighted the increased volatility which could result in a wider price range in the near future.
Further, Great oscillator indicated that bullish momentum was creeping in for the asset, which could move the price higher. The DOT fluctuated between the support and resistance of USD 19 and USD 28.2 after falling on May 19.
Chain link [LINK]
Chainlink’s 4-hour chart indicated that the cryptocurrency had been making steadily lower highs since mid-May. In retrospect a current analysis stressed a lack of retailers in the Chain link Market that could have an impact on the short to medium development of LINK.
The 14th asset on CoinMarketCap has seen its price fall 29% since early June, testing the $ 24 support several times at press time. Relative Strength Index for LINK it was highlighted that the asset is in the oversold area. The indicator was hovering around a little over 30 at the time of writing.
in addition, Chaikin money flow indicated more capital outflows than inflows as the indicator kept its position below zero.
Ethereum classic [ETC]
Ethereum classic was trading at $ 56 at press time and was ranked 21st on CoinMarketCap. Shortbody candlesticks on the ETC’s 4-hour chart indicated that price movement for the asset was limited. Additionally, it has seen its price drop 17.5% in the past two days and tested the $ 50.3 support level on June 8th.
However, Squeeze momentum indicator showed that the bear pressure was easing. in addition, Relative Strength Index highlighted its rebound from the oversold zone on June 8th. However, selling pressures continued to be dominant on the asset. This rebound, coupled with easing downside pressure, could indicate a turnaround for the asset.
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