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After positive performance by a majority of altcoins over the past week, Ethereum touched its ATH. Moreover, coins like Chainlink and Chiliz also projected bullish tendencies over the week.
Over the past day, however, the near-term technicals for the aforementioned alts insinuate decreasing bullish momentum.
Ethereum (ETH)
Source: TradingView, ETH/USDT
The largest altcoin oscillated in an uptrend between two parallel channels over the past 44 days. ETH performed well over the past month after maintaining an upswing and registering a 33.42% monthly ROI. Consequently, the altcoin touched its ATH on 10 November at $4,868-mark.
After which, the price action noticed a withdrawal on its 4-hour chart as bears countered the buying power. However, the bulls found strong support at the lower trendline as the price stepped back into the trend. The near-term technicals depicted a significant decrease in buying power over the last 24 hours.
At press time, Ether traded slightly below its 20-SMA (yellow) at $4,668.6. The Relative Strength Index (RSI) indicated a notable decrease in buying strength while it stood below the midline. Nevertheless, it seemed to gather momentum in the near term.
Also, the Awesome Oscillator (AO) and MACD approached the zero line by flashing red signs and resonated with the RSI reading. Unless the ETH bears gather increasing momentum, the bulls will continue pushing support levels higher over the coming days.
Chainlink (LINK)
Source: TradingView, LINK/USDT
Since 12 October, LINK price action assumed a patterned uptrend by traversing between parallel channels heading north. The Ethereum based network registered a staggering 40.84% monthly ROI. As a result, LINK reached its 25-week high on 10 November at $38.31 and rebounded to follow the trend.
Amidst the steadily increasing number of LINK hodlers, the technicals displayed a superior buying strength. However, it also showed signs of possible ease in bullish momentum. At press time, LINK traded above its immediate support at $35.43.
The RSI was in an uptrend for the past two weeks while it stood above the midline. Further, the +DI line (blue) pointed north and reaffirmed the buying momentum. Nonetheless, the AO flashed red signs, hinting at a possible slackening of buying power.
Chiliz (CHZ)
Source: TradingView, CHZ/USDT
The sports exchange’s native token CHZ projected a nearly 100% upswing on 30 October after breaching the immediate support at $0.3821. As a consequence, the price action touched its six-month high on 31 October. After which, it swayed in a bullish pennant pattern.
However, the altcoin registered a 2.5% decline in the last 24 hours and traded at $0.4988. The near-term technicals affirmed the buying power while hinting at its possible ease.
The RSI favored the buyers but pointed downwards after gathering momentum. Since 29 October, RSI found support near the midline, portraying immense bull power. Further, the MACD resonated with RSI by showing a preference for bulls. However, The AO pointed at possible ease in bullish momentum in the near term.
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