Chainlink, Ethereum, XRP Technical Analysis on 5th September 2020

The COVID-19 pandemic left almost every other market, including the crypto market, crashing to severe lows. However, the crypto industry was evidently faster in terms of recovery compared to several others. While the past two weeks were eventful for the crypto market, it didn’t seem to hold on to the bullish phase for too long. During the time of writing, the entire market was seen turning red, and Bitcoin’s dominance stooped down to 57.1%

Chainlink [LINK]

LINK was undoubtedly one of the best performing digital assets this year. The altcoin made its way to the top 10 and currently stands as the fifth-largest cryptocurrency with a market cap of $4.75 billion. However, the coin seemed to be following the trail of other cryptocurrencies as it was plummeting by 2.3 percent in the past hour. At press, time the coin was trading for as low as $12.35.

Chainlink’s LINK seems to be making attempts to push past $12.90 which has been a major resistance for the altcoin. The dotted marker of the Parabolic SAR lounged below the LINK candlesticks which prevented any potential downward breakout, further indicating the presence of bulls. However, a strong sell-off sentiment remains intact as the Relative Strength Index marker dropped below 50 median.

Ethereum [ETH]

ETH turned several heads after it pushed past $400. However, the second-largest cryptocurrency with a $41.8 billion market cap witnessed a 1.6 percent drop in its price over the last hour. This further led to ETH trading at a low of $373.38, during press time.

While the bears continued to guard the resistance level of $400, the price of ETH plummeted below a major support level of $380. Both the MACD as well as the Klinger Oscillator displayed bearish crossover indicating the strong presence of bears in the ETH market.

XRP

Even though XRP did not endure a massive drop in its price change, the fourth largest coin was trading at $0.2488. While the XRP community has been hoping that the altcoin would move beyond cents, XRP went ahead and fell below a major support line.

The Awesome Oscillator indicator displayed red bars indicating a shift in momentum. Chaikin Money Flow also followed suit as it indicated an outflow of the capital further highlighting the presence of bears, With key indicators revealing signs of a bearish territory, XRP is unlikely to push past the resistance level at $0.260.