After Bitcoin touched $12,500, Crypto Fear & Greed Index stood at 82 for the day and 80 for the week. It can be argued that some signs of a coming drop were in the making over the past couple of days. Bitcoin’s subsequent drop to $11,600 took with it the entire market, including recent stalwart performers like LINK, which took an especially hard hit after hitting ATH at $20. Zcash was hoping to reclaim an important level. BAT found strong support, and traders are keeping a close eye on BAT performance if it touched that support again to decide future action.
If the sell-off continues, LINK can drop again to find support at $13.2. Awesome Oscillator showed a short-term shift in momentum to the sell-side.
The volume profile indicated that the price range from $16 to $14 saw thin activity in the past. This means that price is unlikely to rest for long in the said price range. Continued bearish momentum can get LINK to $13.
Suggestions that a Bitcoin rally can be the perfect salve for LINK to start regaining bullishness might be misplaced, as LINK is not an alt whose performance has had a strong correlation to BTC.
Chainlink is still ranked fifth on CoinMarketCap, with a capitalization of $5.6 billion. It had been near $6.7 billion when the coin was at ATH just a few days ago.
RSI showed a deeply bearish value of 35.1 at press time. This might cause a bounce in value, especially if RSI dips further and goes below 30, into the oversold region. This is unlikely to be more than a bounce, however. It might not signal a reversal.
ZEC could take more time to consolidate and find upside momentum. The coin needs to reclaim $80 support and successfully trade above the $80.8 region before the possibility of bearish momentum reversed can be considered.
Important levels for ZEC include its support at $72. Resistance was near $80.8 and $91.1.
Basic Attention Token [BAT]
BAT had shown the possibility of a break-out beyond a high last seen a year ago, at $0.36 in June 2019. But since, BAT has been rejected and forced to touch support at $0.317, where it witnessed good buying pressure to drive the price back up.
Chaikin Money Flow showed weakening capital influx. If it continues on the same path, BAT might see a sell-off that could see it drop further to find support at $0.278.
It is possible that buyers might step in again when the price is around $0.31 zone. BAT could see consolidation at support, before another attempt at $0.36 resistance. This is wholly dependant on investor confidence and market sentiment toward BAT in the short-term.