Chainlink, Ethereum, XRP Technical Analysis on 12th September 2020

During the time of writing, the entire crypto market was painted green as several coins witnessed dainty gains while a few others were surging towards new highs. The overall market capitalization stood at $340.44 billion, however, Bitcoin’s dominance was still stuck at 56.2%

Chainlink [LINK]

LINK turned several heads in the crypto-verse this year with its drastic price growth. Back in August, the coin went on to hit an all-time high of $19.85, however, LINK didn’t seem to follow an upward trajectory. At the beginning of this month, the coin dipped to a low of $10.23. With a market cap of $4.35 billion, the coin was trading for $12.42, at press time.

The MACD indicator highlighted the presence of bears as it prolonged its bearish crossover that took place during August. However, the MACD and the signal line were seen slightly coming together for a potential crossover. Chaikin Money Flow was clearly drowned in the bearish territory as the outflow of capital was noted in the LINK market. If bears lengthen their stay in the LINK market, a critical support line at $9.72 could be destroyed.

Ethereum [ETH]

ETH had a good run at the beginning of September, the altcoin was on its way to hit $500 as it rose up to a high of $476.50. However, the coin came plummeting down to $371.19 during the time of writing. The second-largest coin with a market cap of $41.76 billion was seen increasing by 1.03%

The Parabolic SAR indicator formed dotted lines above the candlesticks preventing any potential uptrend. The dotted marker indicated a bearish sentiment and had previously pushed ETH below a strong support level of $364.30. Yet, Klinger Oscillator indicated the presence of bulls in the ETH market.

XRP

XRP seems to be recovering from its price crash in the first week of September. The altcoin at the time of writing was trading for $0.242511 with a 0.28% change in its price. Despite being overtaken by Tether, XRP hasn’t lost the fourth position yet as its market cap was recorded to be $10.91 billion.

The Relative Strength Index marker was seen heading towards the oversold zone.  Nevertheless, a strong selloff sentiment was intact in the XRP market. The Awesome Oscillator hinted at the presence of bulls with green closing bars.