Should we expect a high for Chainlink (LINK), Cosmos (ATOM) and Dash (DASH) during the month of June?
Chainlink predicted a 20% increase in the event of a break above its upper channel and 50-SMA. ATOM’s downtrend could push the cryptocurrency back into its $8.6-9 demand zone. Finally, Dash braced for another hit at the $180 resistance level.
This review provides an overview of how Chainlink (LINK), Cosmos (ATOM ) and Dash (DASH) are faring and how they will behave going forward.
Chainlink’s recent update to its ecosystem came through the launch of Keepers – designed to decentralize and automate smart contract functions. As for price, the update correlated with some bullish movement, but a break above $25.6 was denied by sellers. However, bulls had the opportunity to break this resistance once more as the price approached the $21.5 support level.
Once LINK traded within an upper channel, a breakout of the pattern was expected and this could be triggered at LINK’s next touchpoint ($21.5). A 20% increase awaited LINK to $32.5 and the same would be confirmed in the event of a rise above the 50-SMA (yellow).
According to the Squeeze Momentum Indicator, bearishness was declining and downward pressure can be seen in LINK’s next defensive line. A bullish cross has not yet materialized on the Stochastic RSI, but has traded in oversold territory – a reversal area.
Voting was in progress on the proposal Cosmos Hub to increase the inflation rate of the network – an update that would help protect the network from intrusion. As the June 16 voting deadline approaches, ATOM’s price has been constrained on its 4-hour chart.
ATOM has attempted a bullish return in recent days, but a rally was denied at the 23.6% Fibonacci ($14.2) level. As an upward sloping trendline pierced its chart, bulls faced a difficult task to regain control in a downtrend. Bearish momentum was there, according to the Awesome Oscillator, while lower highs on the RSI confirmed ATOM’s price action.
A demand zone was between $8.6-9 and ATOM could revisit that area in the coming weeks.
Dash’s losses were minimal as the cryptocurrency traded at $172, down 1% in the past 24 hours. In fact, its indicators suggested that some bullish and bearish could be tested at the $180 and 50-SMA (yellow) resistance. The Squeeze Momentum indicator registered green bars as the momentum accumulated on the buy side. The RSI was pointing north and would likely take another hit on a move above 50. Such a development could lead to the RSI trading in bullish territory.
On a favorable result, DASH could rise above its 50-SMA and hit its next resistance mark at $235.5 – an area that coincided with the 200-SMA (green).