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The altcoin markets have seen significant declines in recent hours, but Ethereum Classic and Uniswap can rebound quickly. Monero had struggled to break through the $230 barrier, but was in high demand at $205.
Ethereum Classic [ETC]
Ethereum Classic dropped below $11.4 and retested it as opposition, but OBV revealed that the new surge of selling pressure was not followed by a significant amount of selling. This suggested that a rebound would be swift once the momentum changed in favour of the bulls, and ETC would be able to easily ascend up over $12.46.
Momentum was turning in favour of the bulls in the short term at the time of publication. MACD developed a bullish crossover and was entering the zero axis. ETC gained some support in the $10.7-$10.8 range and surged past the $11 mark.
A switch to $12.46 could be activated by transferring $11.4 to help.
On the hourly chart, XMR displayed neutral traction as it traded in the $215-$220 range. XMR fell from $230 to $205 before recovering to $220. Even though the RSI had returned to above neutral, there was insufficient evidence to support taking a stance in either direction for XMR.
A return to $200-$205 could be used to enter a scalp long, while rejection at $230 could be used to enter an offensive short with a tight stop-loss. In the short term, the $218-$222 range has also been important.
Climbing beyond $230 to flip it to help would be a bullish development, but XMR has struggled with this feat since late February, and even when the bulls did manage to flip it, they were unable to push prices past $240.
UNI was looking for a flip of the $27.6 resistance range to help, which can be used to reach a long position targeting $29.8, or a retest of the $26 mark, which can be used to enter a scalp long position targeting $27.6.
The Directional Movement Index (DMI) suggested a strong bearish pattern was underway, with the ADX (yellow) and -DI (pink) both well above 20. Net capital flow out of the UNI markets was also demonstrated by Chaikin Money Flow.
However, the expiration of BTC options, as well as the general historical pattern of bullish Aprils, could reward long positions considering the fact that short-term sentiment is bearish.