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The Crypto Fear and Greed Index actually showed a rise from 71 to 74 the previous day as the US presidential election continued to progress with a winner not yet officially announced. Markets hate uncertainty, but bullish sentiment has appeared stronger. On the charts, Chainlink continued to decline as it nestled above a support level. Maker showed a bullish divergence, while Ethereum Classic continued to move with downward momentum.
Chain [LINK]
Source: LINK / USD on TradingView
The Fibonacci retracement tool used for LINK’s move from $ 7.31 to $ 12.97 at the end of September highlighted important retracement levels for the coin.
Like many other altcoins in the past few hours, LINK has also been trading just above a major support level. It showed a bullish divergence between price and momentum (RSI), as the price formed a lower low while bearish momentum was declining.
This divergence may see LINK testing the $ 10.4 level once again, but a close above was not yet certain.
LINK was moving within a descending channel, and therefore only a close above the channel would likely portend an upward surge. Until then, the near-term outlook would remain bearish for the crypto-asset.
In other news, Chainlink Price Oracles integrated with Equilibrium to power stablecoins, loans and synthetic assets on Polkadot.
Maker [MKR]
Source: MKR / USDT on TradingView
The 50 SMA (white) plunged below the 100 SMA (pink), highlighting the strong recent bearish momentum.
The support level at $ 500 is both technically and psychologically important and could be critical for the bulls defense.
There was also a bullish divergence spotted on the OBV. Highlighted in cyan was the OBV which recorded higher lows, indicating an increase in buying volumes even as the price formed a lower low.
This buyer interest could keep MKR afloat above $ 500 in the short term, with a possible rebound upward as well.
Ethereum Classic [ETC]
Source: ETC / USDT on TradingView
Ethereum Classic lost the support level at $ 4.9 and retested it as resistance before falling once again in recent trading sessions.
The MACD showed no slowdown in bearish momentum and continued to generate a strong sell signal, and it has been for a few days.
The stochastic RSI moved higher out of oversold territory as ETC retested the reversed level. Further losses were likely for ETC and a move below $ 4.69 could see ETC seek support at $ 4.46 in the coming days.
