Cardano acted within a range and approached the center of that range. Chainlink was slightly bullish and Filecoin could fall to $ 101 if it breaks below $ 122.
Cardano [ADA]
Source: ADA / USDT on TradingView
Cardano continued to trade in a range between $ 1 and $ 1.47. The midpoint of this range is at $ 1.23 and is a region of concern for ADA bulls in the short term. There was some upside momentum behind ADA, rising from $ 1.04 to $ 1.25 but encountering some selling pressure there and falling back to $ 1.18.
Chaikin Money Flow showed a balance between buyers and sellers while the Directional Movement Index had both ADX (yellow) and + DI (blue) above 20, but hardly.
In the next 48 hours, ADA must rise above $ 1.23 with above average trading volume for a bullish scenario to develop. This would open up the possibility for ADA to rise to $ 1.48 in the next few days. If rejected, ADA is likely to drop back to $ 1.02.
Chain link [LINK]
Source: LINK / USD on TradingView
Chainlink scrambled past an earlier supply region and fell briefly below the $ 26.7 level before climbing back up. The RSI also climbed above the neutral 50 and stood at 56, which was interpreted as slightly bullish.
There is some resistance at USD 27.5 that LINK has to overcome. If you don’t do this in the next few hours, LINK could see a drop to $ 26.
Filecoin [FIL]
Source: FIL / USDT on TradingView
The 1-hour chart was chosen to highlight the possibility of near-term consolidation for FIL in the $ 122-138 range. A previous analysis identified a bearish divergence which also noted that this deeper retreat need not and has not yet materialized.
There’s a region of demand near $ 118, but a drop below $ 122 could cause the FIL to decline further, reaching $ 104. MACD showed bullish momentum and crossing the zero line could trigger a move further south.
In conclusion, a scalp trader can try to trade the limits of the short term range of $ 122-138. A longer-term trader wants either a breakout from previous highs at $ 139.6 or a deeper retracement to the 50% level at $ 101.
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