DeFi analysis: ANKR could hit new highs while LINK ends correction

DeFi index

The daily chart of the DeFi index shows that it bounced twice (green symbol) from the USD 2,040 support. This is both horizontal support and 0.5 fib retracement support, which adds to their importance.

The decline between September 7th and 21st also resembles an ABC correction structure. This is due to significant overlap and similar length between waves A and C.

However, technical indicators offer a neutral outlook. MACD is at 0. This means that the short term trend is moving at the same speed as the long term trend.

In addition, the RSI is 50. The RSI is a momentum indicator and a value of 50 indicates a neutral trend.

Daily DeFi Index Chart | Source: Tradingview

The shorter-term six-hour chart shows that the DeFi index is moving along a descending resistance line. As long as this is the case, the adjustment will continue.

Similar to the daily time frame, RSI and MACD are both neutral.

Therefore, at the time of going to press, it cannot be foreseen whether the index will break out or be rejected.

DeFi 2-hour chart | Source: Tradingview

Highlights

• The DeFi indicator is moving along a descending resistance line.
• It has completed the ABC adjustment structure.

SHORTCUT

LINK has been moving along a descending resistance line since September 6th. The token fell to $ 20.82 on September 21.

However, it has risen since then, and on October 1st it broke the descending resistance line. This is a sign that the correction has ended.

It then moved above the $ 26 area which is now likely to act as support. A divergence (green circle) followed by a rebound is another sign of strength as this zone has been confirmed as support.

Similar to the DeFi indicator, however, technical indicators are neutral in the daily timeframe. MACD is 0 and RSI is 50.

Daily LINK / USDT chart | Source: Tradingview

Highlights

• LINK has broken out above the descending resistance line.
• It has reclaimed the $ 26 support area.

ANKR

Since hitting an all-time high of $ 0.216 on March 28, ANKR has been trading on a descending parallel channel. Such channels often contain corrective movements, which means that a breakout is likely.

No wonder the token erupted on August 21st.

It then fell until it confirmed the USD 0.086 area as support (green symbol) and has been moving up since then.

RSI and MACD are also rising, which supports the continuation of the uptrend. This is particularly evident in the RSI, which has just crossed the 50 line.

Once ANKR breaks the August high of $ 0.123, the uptrend is likely to accelerate.

Daily ANKR / USDT Chart | Source: Tradingview

Highlights

• ANKR erupted over a long-term descending parallel channel.
• There is support and resistance at $ 0.078 and $ 0.128.

You can see the coin prices here.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to Beincrypto

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page