Cardano, Qtum, THETA, UNI Price Movement Analysis for 7th April, 2021

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Cardano fell after breaking through the upper barrier of $1.34 and was supposed to stay within a band. After reaching a local high of $17.8, Qtum entered a corrective process. THETA’s short-term course shifted somewhat in favour of the bulls. Before attempting a comeback, Uniswap can need to defend its $26.2-support once more.

Cardano [ADA]

While a single candlewick did cross the upper resistance line of $1.34, Cardano reversed course on the 4-hour timeline. A breakout was not anticipated, and the short-term forecast for the world’s sixth-largest cryptocurrency remained rangebound. After the latter half of March, the OBV has remained subdued due to a lack of purchasing demand to sustain a price increase.

The RSI narrowly touched the overbought zone before moving south and remaining below 50 at the time of publishing. With the 24-hour market rate already reflecting a spike in trading interest, a large swing to the upside seemed probable in the coming sessions. But first, the bulls had to protect the $1.16-support level.

Qtum [QTUM]

Source: QTUM/USD, TradingView

Qtum has been steadily rising since breaking through the $4.5-support level in late February, and it has continued to do so as the month of April comes to a close. In reality, a breakout from an ascending triangle resulted in a more than 50% increase from the upper trendline as Qtum climbed above $17.5. However, the market experienced a reversal, and the price had fallen at the time of publication.

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The RSI appeared to be stabilising after trading in the upper territory, while the Awesome Oscillator recorded a single red bar as momentum appeared to shift. Support was seen between $14.5 and $14, but a breakdown below this level was also likely.

THETA [THETA]

Source: THETA/USD, TradingView

THETA’s volatility has been largely limited by the range between $13.8 and $11.2 since late March, but a market swing is expected in the coming sessions. This claim was reinforced by increasing market uncertainty as the Bollinger Bands started to diverge at the time of publication. Trading rates were increasing and approaching the $1 billion mark. Given THETA’s recent uptrend, a northbound breakout seemed imminent, pushing the market above $15.

However, a collapse was also likely if the MACD demonstrated a bearish crossover and stayed below the equilibrium stage. THETA’s short-term movement will become clearer in the coming sessions.

Uniswap [UNI]

Source: UNI/USD, TradingView

So far in 2021, Uniswap has seen a promising trend. Year-to-date returns stood at 513 percent at the time of publication, with UNI remaining the biggest DeFi coin with a market value of nearly $15 billion, according to CoinMarketCap. However, as opposed to its long-term movement, its short-term trajectory was very grim. Following a dip in late March, the OBV struggled to rebound. UNI will fail to reach new highs in the absence of heavy purchasing demand.

The RSI was almost 90 degrees angled, pointing towards the oversold area. The bulls have previously defended the $26.2 support mark, but this must be done again to prevent an extended breakdown.

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