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Technical Analysis: ZAP Surges to $0.3098, Chainlink Uninspired to $32 Amid Ethereum’s Lack of Momentum to $2,000

Azeez Mustapha
Updated 2 min read
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ZAPUSD Price Analysis
ZAP price stole the crypto spotlight after rising to a new all-time high of $0.3853 suggesting that it is enjoying stability in the market. Meanwhile, price action has not been progressive above $0.30, which continues to delay the uptrend to new all-time highs above $0.35. However, ZAP seems to have stalled roughly above $0.3 during today’s session, thus delaying the uptrend.

The natural tendency of this formation is to yield a downside break. Therefore, the sellers return to take control, although they need to find a strong foothold below the moving average 13 now at $28.20.

ETHUSD Price Analysis
Ethereum has remained bullish in the long-term despite the recent sell-off to $1200. The digital asset is currently trading at $1.822 after a significant rebound from key horizontal support formed on the daily chart.

ETHUSD price defended a key support trendline and bounced from $1660 to $1859. Additionally, bulls have also managed to push ETH above the moving average 13 support level which has been a strong point since Dec. 31, 2020. Acceptance under the moving average of 13 could trigger a sharp sell-off towards the $1350 mark, where the pattern target coincides.
The Relative Strength Index (RSI) is ranging, above the midline, suggesting that there is a scope for additional consolidation.

LINKUSD Price Analysis
Chainlink consolidates recent gains around $30, declining for the first time in three days, during late Tuesday. In doing so, the altcoin takes a U-turn from the two weeks’ highest level, also declining before the key $33 resistance area.

Now, LINK faces a blockade at $33 that could prevent its market value from appreciating. Hence, a pullback towards the immediate demand levels seems likely as this would provide the bulls a respite needed to continue their ascent. If bears want to come back, they will need to push ChainLink below the key support level at $27.50. A breakdown below this point should drive LINK towards the psychological level of $21.

Conclusion
ZAP is finding life just below $0.30 a lot harder than it appeared it would. While I still have little doubt it will break through this psychological barrier and probably explosively so, it seems we may be made to wait a little longer for it. Volatility has very much returned and even during this consolidation period of recent weeks, there’s been some serious whipsaw action.

A constant reminder of how wild a ride these cryptocurrencies are. I don’t think we’ll have to wait long for another reminder of the scale of moves they can produce in very little time, with that move looking more likely to come above $0.30 than below $0.25. The latter would arguably be more interesting but much less likely at the moment.

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