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Market Direction

Updates on trading LINK, MINA, ARB, SHDW, and SNX - Jan 15

Updated: Aug 5, 2024
Published: Jan 15, 2024
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In our Market Direction analysis on January 9, we shared some insights on where we think coins like MINA, ARB, SHDW, and SNX are headed in the immediate term.

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Here's an update on how they've fared so far and what you can expect going forward.

Let's dive in.

LINK update

  • LINK has had a really positive move higher from the main horizontal support level at $13.34 and now battling at the $15.33 local level of resistance.
  • The 3D and the Weekly RSI's have now reset substantially after eight weeks of price consolidating. This is positive for higher prices.
  • Open Interest has popped higher in the last day. However, it is down approximately 30% from its highs from a month ago.
  • If LINK can hold above the $15.33 horizontal resistance and turn that into new support then the next target area will be $17.
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Cryptonary's take

LINK is one of the plays that looks really positive here in the short term.

The expectation would be for it to go higher and retest the $17.00 to $17.50 level if $15.33 can hold as support in the very near term.

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


MINA update

  • The positive thing for MINA here is that price is hopefully establishing itself in a higher range where it can hopefully use the $1.02 level as support.
  • Currently, the $1.28 horizontal level is the key resistance for price to get above if MINA wants to retest its highs.
  • The yellow box will likely be a good level for continued DCA'ing into between $0.99 and $1.06.
  • The RSI has reset, and it is not really a problem on any of the timeframes.
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Cryptonary's take

What MINA does in the very short term is hard to predict. 

However, if we break above $1.28 and you're in a position, then that’s fantastic. 

If you're not in a position, we’d recommend waiting for the yellow box. If the yellow box doesn't come in the short term, then let this play out rather than chasing it higher.


ARB update

  • ARB is one we predicted pretty perfectly. We expected to see ARB breakout of the downtrend line and attempt a double top pattern, if not slightly higher, which is exactly what we got.
  • ARB has made that move higher and found new support at the prior highs of $2.00.
  • It will be important to see if $2.00 holds as the new support.
  • The RSI is over-extended on the 3D and the Weekly timeframes, so this is something to be somewhat wary of for now.
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Cryptonary's take

ARB has had a really nice move, but it’s one we certainly wouldn't chase now. 

If price does pull back more significantly then we'd be eyeing the uptrend line to see if that can act as a major support. If not, then the yellow box.

Ultimately, the yellow box is the main area where you'd look to DCA into ARB further.


SHDW update

  • SHDW currently has a really awkward chart, to be honest. The $1.70 level is the key horizontal resistance.
  • So far, SHDW has not been able to hold its local uptrend and is now approaching its main uptrend line. If that is lost then the $1.05 horizontal support will be the last major support.
  • But, if $1.05 is lost, $0.92 up to $1.05 is a big area of support. So price should stabilise in that range.
  • The RSI is nothing to worry about for now, so we're all good on this front.
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Cryptonary's take

One of our analysts is personally positioned in SHDW, but the level they'd be interested in accumulating at is at $1.05 or sub $1.05 down to $0.92. 

If we do go below $1.05, then so be it. This isn't something that would worry us this early on in a bull market; we would just look to take advantage of it and to accumulate into that level.


SNX update

  • We called SNX perfectly from the last ⁠SNX update. We were looking for a bounce from the yellow box to $3.67, and SNX even did better than that, getting up to $4.05.
  • However, SNX has pulled back and is out of its uptrend and also back below the horizontal resistance, not being able to find support there.
  • Unless price can recover the $3.67 horizontal resistance as soon as possible, it will likely head down to the yellow box again. Yellow boxes are never as strong on the second major time they are tested.
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Cryptonary's take 

Despite a really strong bounce and even recovering it's uptrend line, SNX has now lost a few key levels in the uptrend line and the horizontal resistance. 

Price is likely to head lower from here in the coming days and potentially retest the yellow box again.

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