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Chainlink, Synthetix and Tron Outlook

October 15, 2020

Chainlink

Chainlink (LINK) has encountered a small correction and may be ready for a surge again, while The Crypto Fear and Greed Index remained at a neutral level of 53, compared to the day before where it was at 56. Bitcoin reached 11,800 USD and created a higher low at the 11,400 USD zone. However, this momentum didn’t help Tron (TRX), which set a number of lower highs over the past few days. Synthetix (SNX) was witnessing an upswing but confronted a longer-term downward trend and the response to the price at the trendline resistance might decide the next direction it takes.

LINK/USD Chart:
Chainlink
Source: LINK/USD on TradingView

LINK saw a bearish divergence (orange) following a break out of the descending channel (white) and moving into the 10.5 USD zone. The price created a higher high while the Relative strength index (RSI) created a lower high. The minor upswing in the price was on (cyan) but was quickly halted, and LINK saw short-term support at 11 and 10.7 USD.

The RSI remained in a bullish region, but it was creating a number of lower highs.

If LINK falls below 10.7 USD again, it may be pushed as low as 10.4 USD. However, a defence of 11 USD over the next couple of trading sessions would support a bullish move for the coin.

SNX/USD Chart:

Chainlink
Source: SNX/USD on TradingView

The 20-day simple moving average (SMA) moved over the 50 day SMA (yellow) highlighting the bullish trend over the last few days.

However, it met with resistance from the downward trendline (orange) that went back as far as mid-September. For the most part, the longer-term trend wins, however, SNX has had good capital inflows recently.

A renewed buyer interest may have the power to influence the market. The response of SNX over the next couple of trading sessions will give us a stronger idea of which direction the asset will be headed over the next couple of weeks.

TRX/USDT Chart:

Chainlink
Source: TRX/USDT on TradingView

TRX has set a number of lower highs (white), signifying a downward trend. The Parabolic stop and reverse (SAR) generated a buy signal at the time of publishing. The moving average convergence/divergence (MACD) formed a bearish crossover above the zero line – indicating a weak sell signal.

TRX has also created some higher lows over the last couple of days, creating the formation of a symmetrical triangle, a continuation pattern. This implies that TRX could be in a stage of lowered volatility prior to a break out downward and below the support at 0.025 USD.

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