Chainlink, NEM, Enjin Price Analysis: 16 February – AMBCrypto News
Chainlink was expected to shrug off a minor correction, with LINK projected to rise to record levels on the back of a strong bull run. XEM could also move north on the charts if the market’s bulls hold on to the $0.377-support level. Finally, Enjin was in danger of dropping below its 50-SMA as momentum rested with the sellers.
The market’s bears took control of the Chainlink market over the last few trading sessions as the crypto’s price cooled off from yesterday’s ATH. The said momentum was captured by the Awesome Oscillator as the red bars moved towards the half-line.
A deeper correction could see LINK move south towards the $28.5-support level. However, taking the recent bull run into account, the correction is likely to be temporary, with the market’s bulls favored in the long run.
The CMF showed that the flow of institutional money was strong as the index stayed above the half-mark. The end of the consolidation phase will likely see LINK snap a newer record high on the charts.