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Chainlink (LINK), Polkadot (DOT) Price Analysis—Have Bulls Held Support Before Possible Growth?

Can coins from the Top 10 list make a reversal faster than Bitcoin (BTC) or Ethereum (ETH)?

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Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Most of the cryptocurrency market has switched to red as almost all of the Top 10 coins are in the red zone. Ethereum (ETH) and XRP are the only exceptions to the rule, and their rates have grown by 3.52% and 2.03%, respectively.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The crucial statistics for Chainlink (LINK) and Polkadot (DOT):

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Chainlink 

LINK

$3,801,516,881 $10.86 $1,397,487,564 -2.79%

Polkadot

DOT

$4,425,285,710 $5.19 $830,338,522 -1.19%

LINK/USD 

Chainlink (LINK) is the biggest loser among the Top 10 coins. Its rate has declined by almost 3% since yesterday, while the price change over the last week has been -15.77%.

LINK/USD chart by TradingView
LINK/USD chart by TradingView

On the daily time frame, Chainlink (LINK) keeps trading in a falling channel after it failed to fix above the $18 mark. From the technical point of view, the drop has not finished yet as liquidity, as well as trading volume, is low.

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👉 MUST READ Chainlink (LINK) Price Analysis for Sept. 15related article image

Thus, the altcoin has not reached its local support levels to make a reversal. In this case, traders may consider a further decline to $9.16 as the main scenario in which buyers might may resist and seize the initiative.

Chainlink is trading at $10.82 at press time.

DOT/USD

Polkadot (DOT) is not as bearish as Chainlink (LINK); however, it has also lost 1.19% of its price over the previous 24 hours.

DOT/USD chart by TradingView
DOT/USD chart by TradingView

Polkadot (DOT) has been trading within an ascending channel since Sept. 5. The bullish divergence on the RSI indicator confirms bullish power. On the other hand, it is not enough to update the peaks as the trading volume is going down and the main liquidity is focused in the area of $4. To sum up, a false breakout of the resistance at $6 may be considered as the most likely scenario.

Polkadot is trading at $5.16 at press time.

 

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com