Chainlink, NEM, Uniswap Price Movement Analysis for 24th March, 2021

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The last few days have been very bearish for the majority of the crypto-market, thanks to Bitcoin’s price corrections on the 22nd. Although the world’s largest cryptocurrency has been consolidating over $54,000 since, the same has not been so for the market’s altcoins, with the likes of Chainlink, NEM, and UNI continuing to lose value on price charts.

It is worth noting, though, that if Bitcoin spikes again, the price fortunes of the above alts could change rapidly.


Chainlink [LINK]

Chainlink, the 11th most valuable cryptocurrency according to CoinMarketCap, has been very volatile on the price charts since it reached its all-time high a few weeks ago. In reality, while LINK took pride in travelling independently of Bitcoin for a long time, its movement has recently been dictated by BTC, with the same being the case over the last few days.

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When BTC fell, so did Connection, which fell by more than 9% in the last 48 hours. LINK was selling at a pace last seen in the first week of March at the time of publishing.

While the Parabolic SAR’s dotted markers were just above the price candles, emphasising the market’s bearishness, the Awesome Oscillator depicted the market’s momentum slipping into negative territory.

The altcoin’s movements have been aligned with those expected by a recent study, which predicted the Connect will be pushed in one direction soon. Despite the aforementioned corrections, Relation is supposed to turn bullish again due to a number of other factors.



Source: XEM/USD on TradingView

Following a 37.5 percent drop on the anniversary of Black Thursday, XEM’s market activity has been very rangebound on the charts, with the altcoin already a long way from recouping its losses. In fact, the alt seemed to be going in the opposite direction, with XEM dropping by more than 7.5 percent since the 22nd after Bitcoin corrections.

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Although the MACD line was entangled with the Signal line, the Chaikin Money Flow was still below zero, despite pointing north.

Uniswap [UNI]

Source: UNI/USD on TradingView

Uniswap [UNI], the crypto-largest market’s DeFi coin, has had a successful few weeks and months, with UNI reaching its all-time high on the charts just under 48 hours ago. UNI, on the other hand, has been in a downtrend since then, driven by the general market’s bearishness. In fact, after reaching an all-time high of $35,88 on the charts, the alt had dropped by nearly 13% as of press time.

The dramatic decline in trade value was followed by an even sharper increase in trading volume.

UNI’s metrics showed some intriguing signals, but they weren’t convincing enough to suggest a pattern turnaround. Although the Bollinger Bands were expanding, indicating any near-term instability, the Relative Strength Index was pointing north, towards the point of equilibrium.

With the arrival of Uniswap V3 on the Ethereum mainnet scheduled in May, UNI’s price activity is likely to benefit as soon as the correction wave passes.

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