The broad market sentiment went back to extreme fear territory again. That came as Bitcoin plunged under the 4hf 20-50-200 Exponential Moving Average. Such developments triggered bearishness in the likes of Chainlink, EOS, and VeChain’s short-term technical.
Chainlink (LINK)
As the support of $11.7 offered massive buying strength for more than a year, Chainlink buyers resurged the token from the February lows to form bullish trend-line support. However, the opposition around the $18 zone had bulls succumbing to downtrends amid a broad market sell-off.
The plunge led to a nearly 30% drop, matching the April 18 monthly low. Nevertheless, Chainlink embarked on gains following a rebound from the base at $13.3.
For now, the closest hurdle for LINK bulls stood around 20 Exponential Moving Average at $13.6. A closing beyond this level would clear the road for the LINK to retest the 23.6% FIB level.
Chainlink traded near $13.57 at this publication. Meanwhile, RSI’s latest recovery downplayed the selling momentum. Meanwhile, the range at 46 – 50 could ensure a massive obstacle in the current upswing. Moreover, the on-balance volume dropped while displaying a bearish divergence with LINK price.
VeChain (VET)
Chainlink witnessed a bearish fall after traversing within $0.07 – $0.08 for more than a week. The crypto lost approximately 32% and plummeted towards multi-week lows on April 18. Bulls finally regained ground and stalled the bearish rally.
VET price dropped towards the Bollinger band lower limit despite that. Moreover, the crypto dropped within a plunging wedge. A constant closing beneath $0.057 would position VeChain for a $0.055 test before an upside comeback chance.
While writing this content, VET traded at $0.05766. The Relative Strength Index displayed feeble reading on its 4hr chart as the equilibrium remained stable, forthcoming VeChain bulls. However, a bullish cross by the Aroon up and Aroon down indicators kept near-term revival hopes alive.
EOS
EOS witnessed a 27.2% upward channel surge until reversing from $2.6. The alt breaks down from the reversal setup to retest the closest trend-line support. Now, buyers target to regain $2.44 as bears continue to dominate this region.
Sellers dominated the short-term trend as the EMA 20 plummeted beneath EMA 50. For now, EOS trades at $2.427. The pessimistic RSI could not float beyond 43 as the support at 37 appeared to control short-term pullbacks. Nevertheless, the reducing gap between signal lines and MACD could see buyers gaining strength as the nearest support.
