Crypto Price Analysis: Verasity (VRA), Ceek (CEEK), Jasmycoin (JASMY), Chainlink (LINK)

Crypto Price Analysis: Verasity (VRA), Ceek (CEEK), Jasmycoin (JASMY), Chainlink (LINK)
Image Source: Kanchanara

YEREVAN (CoinChapter.com) – The crypto market has been indecisive in the previous week. Many altcoins have exhibited similar patterns and nearly flatlined after double-digit losses since November 2021 peaks. Here are several coins that struggled in a similar manner, although forming different patterns.

#1 Verasity (VRA)

Video-sharing platform Verasity (VRA) has been through a downward spiral, declining 95% since the early November all-time high. As a result, VRA/USD exchange rate stood at nearly $0.0039 in the European session on Oct 6.

Verasity (VRA) daily price chart. Source: TradingView.com
Verasity (VRA) daily price chart. Source: TradingView.com

The toke fell below a significant support line at $0.0041 but held to another resistance-turned-support trendline with a negative slope. However, the dropping trading volumes indicate that there is more pain ahead for Verasity (VRA). In short, low trading volumes point to traders’ reluctance to bet on a bearish altcoin in an unstable market.

#2 Ceek (CEEK)

Metaverse platform Ceek’s same-named token carted similar to Verasity in the previous month. However, the token also exhibited bullish clues, printing a falling wedge, best visible on the daily chart. The falling wedge entails two converging trendlines with a negative slope that enclose the price action and prevent sharp breaks.

Ceek (CEEK) daily price chart. Source: TradingView.com
Ceek (CEEK) daily price chart. Source: TradingView.com

The falling wedge is a bullish reversal pattern, so it forecasts a break after the token breaks above the resistance line. However, the trading volumes on the CEEK daily chart did not support the bullish prognosis, at least in the short term.

#3 Jasmycoin (JASMY)

Japanese DeFi platform Jasmycoin (JASMY) risked losing another 75% after dropping to an all-time low on Oct 2. JASMY flatlined after that, picking up the price insignificantly and trading at $0.0064 on Oct 6.

Jasmycoin (JASMY) daily price action. Source: TradingView.com
Jasmycoin (JASMY) daily price action. Source: TradingView.com

Meanwhile, the trading volumes on the JASMY chart declined as well, forecasting a bearish bias, similar to the other altcoins on the list.

#4 Chainlink (LINK)

LINK, the in-house token of Oracle Network Chainlink, traded at $7.87 in the European session on Oct 6. The token broke out of the falling wedge formation on July 16 without confidence and has consolidated sideways ever since.

Chainlink (LINK) daily price action. Source: TradingView.com
Chainlink (LINK) daily price action. Source: TradingView.com

LINK/USDT exchange rate held to a support line, significant since June 2022. However, LINK trading volumes also dropped in the previous week, suggesting a possible decline ahead.

Also read: Terra founder Do Kwon to lose his South Korean passport, while he denies $40B crypto freeze.

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Verasity (VRA), Crypto Price Analysis: Verasity (VRA), Ceek (CEEK), Jasmycoin (JASMY), Chainlink (LINK)

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