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The market had been extremely negative in the previous 24 hours. The 24-hour trade volume decreased by 15% to $79.1 billion. Bitcoin, as well as practically every other cryptocurrency, was trading in the red, including Chainlink, Bitcoin Cash, and Uniswap, with each reacting differently to market fluctuations.
Chainlink [ LINK ] :-
Following the June 8 plunge, LINK continued to test the $22.7 support level; on June 10, the currency ultimately fell below it, converting it to an active resistance level. The currency was trading in the red at $20.8 at the time of writing. Both the Simple Moving Averages (SMA) lines – 50 SMA (orange) and 100 SMA (red) – stayed substantially above the candlesticks, indicating a strong negative trend in the LINK market.
In the previous 24 hours, the Average Directional Index (ADX) indicator increased then dropped little at the 40 level. Because the indicator was losing its direction at the time of publication, the price loss trend can be expected to reverse if the indicator goes below 25. LINK had an active squeeze release, according to the Squeeze Momentum Indicator (white dots). In addition, at the time of publication, the bars on the indicator had darkened to a darker red, indicating a decrease in bearish pressure.
The coin will require extremely strong positive indications to reverse the resistance to support. $17.3 is a crucial support level over the next three hours.
Bitcoin Cash [ BCH ] :-
Bitcoin Cash was able to avoid going below the $503 mark. Since the price movement has maintained above $544, this mark will now serve as a support level in the future. The cryptocurrency is now in an uptrend, according to the Parabolic SAR, as the white dotted line appears below the candlesticks. However, larger market indicators indicate that this upswing will be short-lived.
At press time, the Relative Strength Index (RSI) had continued to fall marginally. In the early hours of June 12, the indicator recovered from the oversold zone but remained in negative neutral region. MACD also showed neutral signals, as both the indicator and signal lines stayed aligned underneath the zero point.
If the market turns positive in the next 24 hours, $544 might be tested during the next 24 hours; otherwise, $503 will become the next active support if BCH falls further.
Uniswap[ UNI ] :-
Bearish pressure successfully drove UNI below $22.1, a support level it had held since the end of May. At the time of writing, UNI was trading at $20.7, and based on current indications, its price might fall much more. On the 4-hour chart, the Bollinger Bands stayed parallel. The signal indicated that there was a chance of volatility in the next hours.
The arrival of green bars on the Awesome Oscillator showed that bullish momentum was creeping up. Finally, the Chaikin Money Flow indicator was dominated by capital outflows, with the green line falling to -0.25.
For the time being, the resistance level is $22.1, while the new support level is $18.6.