Chainlink, Polkadot, Monero Technical Analysis On 7th October 2020

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The top ten cryptocurrencies were seen swimming in the red sea, however, XRP was seen enjoying its stay in the green zone. The global market cap had also taken a hit with a 2.09% daily decrease depleting it to $334.93 billion. While Bitcoin continued dominating the crypto scene by 58.7% the price of the king coin was noted at $10,613.97.

Chainlink [LINK]

Chainlink steered the entire crypto-verse towards the LINK token following its notable price change. However, there seems to be trouble in paradise as the coin was seen on a downhill journey. During the time of writing, the altcoin was trading for $8.69 with a 7.35% drop over the last 24-hours.

The key indicators used in the short term price chart of LINK restored a sense of positivity in the LINK market. The Parabolic SAR welcomed the bulls by forming dotted lines below the candlesticks. With this formation, the possibility of a downward breakout is close to a nullity. The Chaikin Money Flow [CMF] indicator also sided with the bulls as the CMF marker was climbing above zero.

Polkadot [DOT]

DOT was probably one among the worst-hit coins as it had plummeted by 12.77% over the last seven days. DOT prolonged this trend by falling by 6.87% and the fairly new coin’s price was at $3.80. Despite its bleak performance in terms of price, DOT retained its position in the top ten with a market cap of $3.24 billion.

DOT’s downtrend was looking at a potential reversal as the Awesome Oscillator and the Klinger Oscillator reported bull sightings in the DOT market. With the formation of green closing bars, the Awesome Oscillator reported the presence of bulls. Earlier today, the Klinger Oscillator underwent a bullish crossover reestablishing optimism in the DOT market.

Monero [XMR]

After its long stay in the green area, XMR was seen in sync with the rest of the cryptocurrencies. The fifteenth largest cryptocurrency had dropped to $105.86 while the 24-hour price change was at a negative 4.78%, at the time of writing.

A sense of mixed notions was perceived in the XMR market. The Relative Strength Index [RSI] exhibited a sellers’ sentiment as the RSI marker was seen below the 50 median. The MACD indicator, however, underwent a bullish crossover. The MACD line had recently crept up the signal line paving the way for the bulls into the XMR market.

Sahana Kiran: Experienced Journalist with a demonstrated history of working in the online media industry. Skilled in Photography, Feature Writing, Journalism, Online Journalism, and Web Content Writing. Strong media and communication professional with a Bachelor of Arts - BA focused in Journalism