Key Cryptocurrencies Face Pressure as NEAR and Chainlink Slide

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In recent days, the cryptocurrency market has exhibited heightened short-term pressure on notable tokens, including Ethereum, Chainlink, and NEAR Protocol, all of which have seen a downturn. Meanwhile, Zcash, after a robust rally, has stalled into a horizontal trading range. This market behavior signals investors’ ongoing quest for direction amid a turbulent trading environment.

NEAR and Chainlink Face Increasing Selling Pressure

Earlier this October, NEAR Protocol, a blockchain project centered on network development, saw its price approaching $6.00 before retreating to around $4.43. Despite this decline, NEAR remains significantly above the early September low of $1.80, suggesting that the broader trend remains intact. In the short term, the 50-day moving average at $4.28 emerges as a pivotal level. The appearance of a long lower wick in recent candlestick charts indicates that buyers are stepping in near this area. However, a more definitive signal of correction completion would require NEAR to close above its 20-day moving average, which hovers around $4.75.

NEAR shows potential for a recovery to $4.75 and subsequently $5.00, provided the 50-day average at $4.28 is maintained.

Chainlink paints a bleaker picture. After peaking at $15.50 at the end of September, LINK has tumbled to around $11.35, marking a drop exceeding 25% in under a month. This pattern of lower highs and lower lows suggests that sellers are currently in control. The breach of the 50-day moving average at $12.30 and the 100-day average at $11.50 has weakened the outlook. The 200-day moving average, positioned near $11.00, is critical. A breakdown here could open the door to levels of $10.00 and $9.50.

Zcash Awaits Direction as Ethereum Tests Critical Support

Zcash remains in a holding pattern after hitting a peak of $1,700 at the end of September, now trading sideways around $1,204. As a privacy-centric cryptocurrency, Zcash still stands over 150% above its August low of $480. Throughout October, Zcash has been confined between $1,050 and $1,370, seeking a daily close outside this range to establish a new direction.

The 50-day moving average for Zcash is around $1,190, and a noticeable drop in trading volume underscores market anticipation. Should Zcash secure a close above $1,300, targets could emerge at $1,370 and $1,500. Conversely, support resides at the 100-day moving average near $1,030.

Ethereum continues to grapple with downward pressure. Following its September peak at $2,800, ETH has receded to approximately $2,330, a nearly 17% decline that has taken it below its 100-day moving average—a bearish signal for short-term traders.

The most crucial threshold for Ethereum is the 200-day moving average at approximately $2,320. Closes beneath this level may amplify selling pressure.

Now, Ethereum’s 100-day moving average at $2,365 acts as the immediate resistance, with the 50-day average situated around $2,460. If current support holds, ETH could rebound towards $2,460 and $2,550. Should it close below $2,300, levels at $2,250, $2,100, and eventually $1,900 might come back into focus.