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Chainlink fell from support at $28.5, owing to bearish on-chain metrics. At $218.2, Dash missed out on a critical line of safety. Uniswap was expected to fall below the $31.8 mark.
As Chainlink dropped below the $28.5-support mark, multiple indicators were present in the market. The first was a bearish twin peak configuration on Awesome Oscillator, which resulted in a significant increase in sales momentum. A bearish divergence on the RSI was the second predictor. Both of these factors, along with a bearish overall economy, contributed to the market breakdown. The RSI remained out of oversold area, but a climb to the upper region in the coming sessions was out of the question.
Previously, a transformation into a new region resulted in a brief period of restructuring before progressing upward, and the same was predicted for the future.
After almost two weeks of consolidation, the bears smashed through a strong support line at $218.2. Price shifts have happened in both directions, but more to the upside, in the recent range of $218.2 to $201. This could happen again, as OBV expressed interest in buying after the price fell below the previously listed aid.
Meanwhile, the dotted markers on the Parabolic SAR moved below the candlesticks, showing that Dash is in a downtrend around $236. A break below the current channel would almost definitely result in a lengthy sell-off towards $183.4.
Uniswap has maintained a range of $35 to $31.8, making it one of the best performers in 2021 so far. The technicals, on the other hand, weighed in favour of a negative outcome, one that could result in UNI losing its press-time funding. The MACD crossed bearishly, and the Awesome Oscillator formed a bearish twin peak. In the plus side, 24-hour exchange volumes were slightly more than $1 billion. This might negate any bearish market conditions. A sudden drop in volumes can indicate a loss and highlight the next support level at $31.5.