VeChain (VET), Filecoin (FIL) and Chainlink (LINK) Struggling in Red But Who Rebounds Sooner?

VeChain (VET), Filecoin (FIL) and Chainlink (LINK) Struggling in Red But Who Rebounds Sooner?

Table of Contents

The crypto market is in a whirlwind again. The recent failure of Bitcoin to crack $38,000 sent it tumbling down by two grands, dragging most altcoins with it. Interestingly, Ethereum also dipped under $2,000 even in the wake of BlackRock's ETF filing, a move that was expected to bolster confidence but instead seemed to trigger a 'sell-the-news' reaction, with ETH dropping around 4%. 

Amidst this turbulence, some cryptocurrencies have faced sharper declines than others. VeChain (VET), known for its supply chain tracking capabilities, saw a drop mirroring that of Ethereum, while Filecoin (FIL) and Chainlink (LINK), both integral to the decentralized web and smart contract infrastructure respectively, experienced even steeper falls of 8-9%. Suddenly, the market's previous gains evaporated, pulling the total cap back under $1.4 trillion.

Enter ScapesMania (MANIA), a presale project cutting through this chaos. It’s not just another coin; it's a gaming ecosystem promising stability in this unpredictable market. Governed by DAO and backed by a team flaunting their creds on social media, the blend of innovation, transparency, and community focus of MANIA is turning heads – it’s a potential game-changer for investors looking for a fresh direction in the tumultuous crypto sea.

ScapesMania: Unleashing a New Wave of Crypto Possibilities

While some are facing an uncertain future, the trajectory of a presale project is far easier to predict. ScapesMania (MANIA) is a well-balanced, meticulously designed project that acts as a gaming ecosystem. Through DAO governance, backers will be able to influence and benefit from a multi-billion-dollar industry. A wide range of features paired with the best technology, a professional team, and a long-term, highly ambitious vision can make ScapesMania the next big thing in crypto. Presale discounts and stage bonuses only add to the project's appeal.

Presale is Live Now - Join Now for a Chance to Benefit with MANIA

Backed by an award-winning developer crew, ScapesMania stands for transparency: every member’s social media profile is public. The project can achieve this not just by bringing big innovation to the game, but by putting its community front and center. Driving customer engagement and making sure that everyone benefits through great tokenomics and generous rewards is what makes ScapesMania the project with a bright future ahead.

Presale is Live, Learn More About Major Benefits

VeChain (VET) Technical Analysis: Indecisive Trends

VeChain (VET) has been navigating a bumpy road recently. Over the past week, its value dipped by 6%, yet it managed an 11% surge in the fortnight, showing the cryptocurrency's volatile yet resilient nature. The trading volume of VET speaks volumes about its current market stance – a noticeable $56M in the last 24 hours, marking a modest 0.8% uptick from the previous day. This increase in trading activity could be indicative of growing investor interest or a response to market fluctuations, painting a complex picture of VeChain (VET) market dynamics.

Source: TradingView

A closer look at VET technical indicators reveals a tightrope walk: currently trading between its first support at $0.02048 and first resistance at $0.02367, the altcoin shows signs of indecisive market sentiment. The MACD level, slightly negative at -0.00021, hints at potential bearish momentum, while the RSI at 41.045 suggests VeChian (VET) isn't particularly overbought or oversold. The moving averages – both simple and exponential – are hovering around the $0.021 mark across different timeframes, reinforcing this state of equilibrium.

VeChain (VET) Price Forecast

In a bullish scenario, if VET gains momentum and breaks past $0.02367, it could pave the way towards the second resistance at $0.02511, and potentially even target $0.0283. Such a move would need significant buying pressure, perhaps driven by positive market news or broader crypto market rallies. 

Conversely, in a bearish outlook, if VeChain (VET) slips below $0.02048, it might find itself testing the lower supports of $0.01873 or even $0.01554. This downturn could be triggered by negative market sentiment or wider financial market stress. 

Filecoin (FIL) Technical Analysis: Future Outlook

Filecoin (FIL) presents a mixed bag in the latest market movements, reflecting the broader volatility in the crypto space. While the price has dipped over 8% in the last 24 hours, it still shows a 6% increase over the past week. This seesaw pattern is not uncommon in the crypto world, but what's notable is the trading volume of nearly $245M, which, despite being a 21% decrease from the previous day, suggests a significant level of trader interest and market activity. This recent dip in price coupled with a fluctuation in trading volume indicates that investors are actively responding to market conditions, making FIL a subject of keen interest in technical analysis.

Source: TradingView

From a technical standpoint, Filecoin (FIL) is currently navigating choppy waters, trading between its first support at $4.38 and first resistance at $5.6. The MACD level of -0.012, paired with an RSI of 41.164, signals a potential for volatility. The simple moving averages (SMA) for 10, 30 and 100 days show a gradual increase, with the 200-day SMA at $3.99 indicating a long-term upward trend. 

However, the exponential moving averages (EMA) across the same periods tell a slightly more tempered story, hovering around the $4.5 to $5 range, suggesting a near-term consolidation phase.

Filecoin (FIL) Price Forecast

Looking ahead, the bullish scenario for FIL hinges on breaking past $5.6, which could pave the way for a push towards $6.05 and even $7.27. This upward trajectory would require sustained buying pressure and positive market sentiment. 

On the flip side, a bearish outlook could see Filecoin (FIL) retracting towards its support levels, with $3.61 acting as a critical juncture. Should it break below this threshold, the next support at $2.39 could come into play, especially if negative market sentiment persists.

Chainlink (LINK) Technical Analysis: Trading Tensions

The recent market dynamics have seen Chainlink (LINK) experiencing a notable downturn. Over the past 24 hours, the price has declined by 9%, and over the past week, it's down by 7%. This price action reflects a shift in investor sentiment, especially after a significant amount of long positions were liquidated near the $15 mark. The news that approximately $4 million worth of LINK is poised for sale only adds to the market’s apprehension, hinting at a possible pullback if the price continues its climb and entices more sellers to cash in.

Source: TradingView

Technically, Chainlink (LINK) is trading in a delicate balance between its first support at $13.21 and its first resistance at $14.87. The MACD level at 0.022 suggests a slight bullish momentum, but this is counterbalanced by the RSI at 64.004, edging close to the overbought territory. The SMA and EMA across different time frames are tightly clustered around $13.45 to $13.61, indicating a lack of strong directional bias in the short term.

Chainlink (LINK) Price Forecast

In a bullish scenario, if LINK breaks above its current resistance at $14.87, the next targets could be $15.87 and $17.53, respectively. However, the bearish outlook is equally plausible. The current long/short ratio at 0.8064, with a majority betting on a decline, and a recent 6% dip in daily trading volume to almost $873M, both signal potential downward pressure. Should Chainlink (LINK) breach $13.21, it could test lower supports at $12.55 and $10.89. 


In the rollercoaster world of cryptocurrencies, VeChain (VET), Filecoin (FIL), and Chainlink (LINK) are perfect examples of how wild the ride can get. VET has been on a bit of a seesaw lately, grappling with market ups and downs but still showing a spark that suggests it might just bounce back stronger. FIL, with its zigzagging prices and trading volumes, is like a beacon for traders, highlighting the constant buzz and hustle in the crypto market.

LINK is walking a tightrope, balancing between potential breakthroughs and market pressures. This critical phase for Chainlink (LINK) is a vivid illustration of the crypto universe's unpredictable nature – one minute you're soaring, the next you could be diving. 

These three digital currencies, with their unique features and market positions, are like the pulse of the crypto world – erratic, full of potential, and always keeping investors and enthusiasts on their toes.

Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.


Investment Disclaimer
Related Topics: 

You may like