Ethereum saw some selling pressure that put it down under $2000. Uniswap has shown that its buoyant momentum has diminished in the short term, and Dogecoin has stopped its slow decline and has found a degree of support.
In recent weeks, Dogecoin has fallen lower on the charts. The Awesome Oscillator showed a bare-bone momentum, and the Bollinger bands stayed steady and close to the price. The amount of trading was also consistently poor.
The 50 SMA (yellow) was moving above the 20 SMA (white), but over the last few days, the $0,054 level of support has kept sellers at bay.
Above $0.054, some support can also be found at the $0.044 level.
On the 1-hour map, ETH dropped out of the rising channel in which it had been trading in the last few days. The $1950-$2050 region was highlighted as an area of supply that the bulls would have to transform to one of demand. They have been unsuccessful in this attempt.
The RSI fell below neutral 50 and showed a downtrend in progress as the ETH was lower, but the 23.6 per cent retracement level was retained as support. A re-examination of the $1875 region seemed likely, and the price response over the next few days would indicate whether a deeper correction is inevitable, or whether the retrenchment was over and ETH could revisit $2000.
A fast recovery would require $1875-$1900 area to be protected by the bulls.
Uniswap rose by more than 50 percent the previous day to a record high of $32.9. The buoyant momentum weakened, and the UNI could not grow any further in the intraday outlook.
The MACD developed a bearish crossover and started to display steadily increasing bearish momentum, even as UNI fell to $27 and attempted to rebound with a $32 retest. At the time of publishing, there was no strong signal to buy or sell. Good purchase opportunities lie at the confluence of the Fibonacci retracement levels, for example, at $25 or $23.7.
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