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

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.

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.

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.

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.

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.