Cardano, Uniswap, Chainlink Price Movement Analysis for 16th May, 2021

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Cardano used the Fibonacci Extension function to add certain aim values at $2.53 and $2.69. Uniswap wanted to gain bullish momentum in order to break through the $43-$45 resistance level. Finally, a descending triangle breakup on Chainlink could result in a 7.5 percent retracement to the 50-SMA.

Cardano [ADA]

If investors wanted to capitalise on large-cap alts during the recent volatile wider market, Cardano was a must-have in every portfolio. Weekly returns of 36% were the strongest among the top ten coins by market capitalisation, highlighting ADA’s isolation from wider market sentiment. To define new reference points for the latest rally, the Fibonacci Extension technique was used. The extension rate of 372.2 percent and $361.8 percent were $2.53 and $2.69, respectively. With Awesome Oscillator showing that purchasing momentum is still on the rise, ADA made a solid case for an extended rally.

These extension thresholds will also serve as support lines in the event of a pullback. The RSI was in overbought territory, indicating the need for stability, and a drop in volumes may signal any southbound movement. Nonetheless, key factors can cause ADA to maintain higher levels in the future.

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Uniswap [UNI]

Source: UNI/USD, TradingView

A descending triangle breakdown revealed an 8% loss from the bottom trendline, but buyers jumped in at $35.6 help. In reality, this help has been highlighted during recent dips, and has only strengthened the region as a hedge against prolonged losses. On the 4-hour timeline, OBV’s dramatic drop was an intriguing development that demonstrated why bulls have been unable to break through $43-$45 resistance. Given the lack of consistent buying pressure, Uniswap can trade between $44.4 and $35.6 in the coming days.

A breakout over $44.4 on high volume would signal the start of a bullish trend, but the market was not yet prepared for such a move. The wavy trajectory of the Awesome Oscillator suggested that neither side had totally asserted supremacy.

Chainlink [LINK]

Source: LINK/USD, TradingView

Although Chainlink has lost ground in the last 24 hours, the bulls have kept on to $41.2-support, which is a significant growth. On the regular timeframe, a falling triangle was visible, and a breakdown could result in a sell-off between $35.7 and 39.1. Those looking to sell a breakdown should keep an eye on the 4-hour window for more sensitive pricing activity.

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During the current downtrend, the Awesome Oscillator recorded a sequence of red bars as selling momentum pulled LINK from a peak of $61.9 to a low of $39.7. MACD has reported the market’s bearishness. Buyers will need to seek a rise over $45.6 resistance to negate LINK’s trend.

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