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At the time of writing, Bitcoin was battling to recoup $38,000, putting the global cryptocurrency market in jeopardy. Chainlink, Synthetix, and Uniswap shifted sideways, waiting for stronger signals from the king currency.
Chainlink’s hourly period has shown some sideways movement in the last several hours. LINK, on the other hand, remained above its 200-SMA (green), which served as an extra line of defense around the $26.5-support level. There was weak momentum and little volatility, according to the Squeeze Momentum Indicator. The RSI was slightly above 40 and in negative territory.
If the larger market fails to deliver stronger clues in the following hours, LINK will most likely retain current channel. In the event of a drop, the newly found purchase zone between $17.2-20.4 would most likely buffer further losses.
Synthetix’s rebound was stopped short between the resistance levels of $15-15.7. Following a failed breakout attempt, SNX steadily created lower highs and then fell below the $12.45 support level. The OBV’s downward trajectory also revealed a lack of purchasing pressure. Such variables indicated to consolidation, and SNX may trade mostly between $10 and $15 in the near future. In the event of an upward breakout, gains may be limited to the upper limit of $19.7.
The Supertrend Indicator indicated a sell signal at the time of publication, but this would change to a buy signal at $12.45. In a rangebound environment, traders can profit by selling at resistance and buying at support, but a safer approach would be to wait for wider market signs.
Uniswap held the $25 support despite some bumpy activity on the hourly chart. This region constituted a powerful defense zone, especially as it also intersected with the 200-SMA (green). A break above this channel might result in a 22% increase to $36.5, but bulls would first have to overcome the $32.76-resistance. In the event of a breakdown, the support lines were $21.5, $18.4, and $14.
At the time of writing, UNI’s technicals indicated slight weakness, and the possibilities of a positive conclusion in the following hours were modest. The ADX fell below 25 as the market became less directional. The MACD fell below the half-line, and the histogram showed some small bullish momentum. These variables, however, were insufficient to cause a major price movement in any direction.