Cardano’s price has been on a downward trend since June 3, with no significant higher highs, implying that the bears are in control of the market. ADA consolidates between two converging trend lines and anticipates a huge breakout as it trades within a tight range.
Until mid-June, the Cardano price was trading above the 50% Fibonacci retracement line at $1.47. This changed on June 18, when ADA fell below it. Cardano’s price action has been in the form of lower highs and higher lows since then, indicating that the range is tightening.
Tezos is seeking to recover from its second test of the May bottom in five days, but the bid has been muted, indicating a hesitancy to engage XTZ as altcoins remain trendless. However, if price strength is bolstered by a high volume profile, the digital token has the potential to surge about 30% from its current price.
Tezos’ price decreased 75% from its peak of $8.41 on May 7 to its low of $2.42 on May 23, mirroring the average decline across altcoins. Interestingly, during last week’s test of the May low, XTZ did not trigger an oversold reading on the daily Relative Strength Index (RSI), and it did not achieve an oversold situation.
Chainlink price retains the May 23 low, but does not record an oversold signal or generate significant investor interest, creating doubts about the correction’s finish. Moving forward, LINK faces significant overhead resistance, providing credence to this post’s cautious assessment.
Chainlink’s price fell slightly over 70% from a high of $52.99 on May 10 to a low of $15.00 on May 23, putting it in the middle of cryptocurrency corrections.
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