Avalanche, Chainlink, Terra Price Analysis – January 16

The broad crypto market witnessed an impressive recovery within the last few days. Nevertheless, bulls could not alter the overall trends as fear sentiment remained worse.

Avalanche (AVAX) saw reversals from the $96 mark following a breakout from a double-bottom setup. Though buyers tried to jump in, the ADX showed a feeble directional bias for the altcoin. Chainlink and Terra displayed bullish favoritism by failing to generate impactful volumes.

Avalanche (AVAX)

Avalanche saw a whopping 67.8 ROI from the December 13 lows after reversing from 61.8% FIB support, poking a 3-week peak on December 22. The alternative token witnessed a 37.58% retracement since then, testing the support barrier at $79.3.

AVAX encountered massive resistance at $96.4 over the previous week. That came after the crypto formed a double-bottom setup. Meanwhile, the $96 mark remains vital for AVAX bulls to overcome. Any further correction may secure testing support around the Point of Control.

While publishing this blog, AVAX traded around $93.45. The Relative Strength Index displayed bullishness following an uptick. Moreover, the DMI highlighted bullish preference. However, the ADX showed a significantly weak directional bias for Avalanche.

Terra (LUNA)

LUNA witnessed a remarkable 38.5% recovery following a rebound from 61.8%. That came after the crypto poked a 3-week low on January 8. The upside move had Terra reclaiming support levels at 38.2%m then 23.6% before crossing the four-hour 20-, 50-, and 200 SMA. For now, the bulls’ testing point stands at $92. Any breakdown would secure testing support around the 23.6% mark then the 20-Simple Moving Average.

While publishing this article, Terra’s native coin traded 15.8% beneath its all-time peak of $86.66. The Relative Strength Index witnessed a sharp incline past the midline. It flipped the 61-level from resistance to closest support. Moreover, the SuperTrend displayed a green sign. Nevertheless, the OBV saw a lower high with the latest surge, confirming weak buying momentum.

Chainlink (LINK)

Chainlink bulls retest $22.42-mark four times within the last month. They breached the level following a declining wedge breakout. LINK saw a 50.2% ROI from January 1 low until poking a 7-week peak on January 11. The token flipped $25.7 support from an almost 6-week resistance. The Volume Oscillator formed lower highs since January 6, showing weak bullish moves.

While publishing this news, LINK hovered at $25.96. The alt saw an upward-channel breakdown after creating a bearish divergence. For now, the RSI rose back past the midline. Nevertheless, the ADX showed a weak direction bias for LINK.