๐ฅ๐ฅChainlink (LINK) and Avalanche (AVAX) Ready for a 15% Increase
After reaching new local highs earlier, most of the major cryptocurrencies have entered short-term consolidation with a slight downward trend at the moment.
However, some altcoins, such as #Chainlink (LINK) and Avalanche (AVAX), are giving early base signals to resume their upward movements soon. The question is whether buyers can overcome the selling pressure and set in motion the next leg of the recovery.
Chain link (LINK)
LINK is observing a significant consolidation above the newly created support Decoupled with the previous resistance zone, which indicates an increasing strength among buyers defending recent gains.
The Directional Movement Index (DMI) shows that this trading December between 19 and 23 dollars will continue in the coming weeks Dec. While the +DI and -DI lines are subject to a Deceleration transition, volatility may dry up in the meantime.
The bulls look ready to finally break above the $25 resistance after becoming even more grounded. While a significant decrease in volumes may temporarily delay such a break, the prospect of a bearish pullback seems unlikely at this stage.
Avalanche (#AVAX )
Meanwhile, AVAX has held on Decently above the recent low with the dip buyers emerging around the support zone so far, which mitigated the extensive downward movement. Although it is still below its last peak, Avalanche is developing a foundation for the next higher move.
The Relative Strength Index (RSI) indicates that the recovery momentum is gradually taking place around average levels for now. However, the contradictory MACD continues to signal the continuation of downward pressure, which could trigger another support offer.
Eventually, the buying momentum should return to meet the selling activity, which should lead AVAX to a consolidation equilibrium for now. But whether significant directional volatility will resume sooner rather than later remains debatable.
