Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

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Chainlink ($LINK):

Overview

Chainlink ($LINK) had been coiling up on the 12-hour timeframe, mimicking the recent pattern seen across broader crypto assets like Bitcoin. However, it has recently experienced a pullback and is attempting to establish support at critical levels. Currently trading at $23, Chainlink is sitting just above the $22.87 support area.

Analysis

Current price action

• Support zones:
  • Chainlink is attempting to hold above $22.87
  • If this level breaks, the next solid support zone lies between $20 - $19.2. This range has acted as a strong zone previously and could serve as a safety net for further downside.
  • Below this, the $16.54 region is a deeper support, adding additional stability in case of significant bearish momentum.
• Resistance levels:
  • On the upside, $27.2, the high from January 22nd
  • Breaking above $27.2 could lead to a potential rally toward $30.9, the high made in 2024 mid-December.

Potential scenarios:

1. Bullish Scenario: If Chainlink maintains support at $22.87, we could see a test of $27.2 and, potentially, a breakout toward $30.9.
2. Bearish Scenario: Failure to hold above $22.87 could lead to a retest of the $20 - $19.2 support zone. A breakdown below $19.2 might push Chainlink toward $16.54, triggering broader market weakness.

Cryptonary's take

Chainlink's current structure on the 12-hour timeframe suggests that the asset is at a critical juncture. The $22.87 support zone is pivotal; holding this level could enable bulls to regain momentum and push for higher levels, while a breakdown could bring further downside risk.

With key support levels at $19.2 and $16.54, Chainlink provides defined zones for traders to monitor. The recent retracement is reflective of broader market pullbacks, but LINK remains a solid altcoin fundamentally, with potential upside if the wider market resumes its bullish sentiment. Patience and a focus on these key levels will be crucial in the short to medium term.

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Pendle ($PENDLE):

Overview

Pendle is currently trading at $3.47, just above the 200 EMA on the 3-day time frame, which is positioned at $3.36. This confluence of the 200 EMA and the $3.29 support zone is crucial for maintaining Pendle's structure in the short term. However, Pendle has been in a downtrend since its December 2024 high of $7.16, failing to breach its all-time high of $7.53 in April 2024. This highlights the significance of current levels for Pendle's trajectory in the coming weeks.

Analysis

Key support levels:

1. $3.29 - $3.36 Zone: The combination of the 200 EMA and the $3.29 support zone is holding Pendle's current price. Breaking below this level would indicate further bearish momentum.
2. 3-Day Demand Zone: Below the $3.29 region, there is a strong demand zone ranging from $2.82 to $2.30. This area has acted as a major support historically, propelling Pendle from $2.82 to $7.14 between August and December 2024.

Resistance levels:

1. $3.66: Immediate resistance; reclaiming this would signal strength in the short term.
2. $4.78: A mid-level resistance zone Pendle needs to overcome to regain bullish momentum.
3. $5.69: Significant resistance before Pendle can attempt to re-test its highs.

Pendle has remained in a downtrend marked by the orange trend line since early December. A break above this trend line would provide a bullish confluence, signalling a potential reversal.

Cryptonary's take

Pendle is in an interesting area. The 200 EMA on the 3-day time frame and the $3.29 support form a critical level that Pendle must hold to avoid deeper retracement. A break below this zone could lead to a retest of the $2.82 - $2.30 demand zone, which has historically acted as a strong accumulation area.

On the upside, Pendle needs to reclaim $3.66 first to show initial signs of recovery, followed by tackling resistances at $4.78 and $5.69. Until the downtrend trendline is broken, the Pendle will remain in a bearish structure.

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Jupiter (JUP):

Market context

Jupiter (JUP) is the leading decentralized exchange (DEX) aggregator on the Solana blockchain, playing a pivotal role in facilitating efficient token swaps by sourcing the best prices across various DEXs. As the Solana ecosystem experiences increased activity, particularly during meme coin seasons, platforms like Jupiter are poised to attract significant attention due to their utility in handling high transaction volumes.

Technical analysis

Currently, JUP is showing a wedge pattern, with key support around the $0.75 level. This consolidation suggests a potential breakout, especially if the support level holds. Monitoring this pattern is a potential play for the future if sentiment supports more upside in the near future.

Playbook

For those considering exposure to JUP, accumulating within the current wedge pattern may be a strategic approach. However, it’s essential to stay informed about broader market trends and conduct thorough research before acting in these conditions where the macro isn't the best; as we know, crypto sentiment is booming, and JUP is going to be an attention capturer.

Cryptonary's take

While we do not hold or invest in JUP, it remains an asset worth watching. Should retail interest surge in the crypto market, JUP could become a focal point for investors, especially given its integral role in the Solana ecosystem. The Jupiter airdrop and the JUP governance token on the Solana blockchain have also naturally increased attention, potentially incentivising users to invest and hold the asset.

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