Ethereum, Elrond, BAT Price Movement Analysis for 18th April, 2021

Spread the love

 324 Interactions,  2 today

When Uniswap fell below its 200-SMA, bulls faced an uphill battle to push the market around in their favour. Chiliz held a critical support level at $0.520 after a breakdown. Finally, in order to avert a sharp turnaround, Decred needed to slash losses at $180.7.

Ethereum [ETH]

Losses in the previous 24 hours sent the world’s largest altcoin below the 50-SMA (blue) on the 4-hour timeframe. A single candlewick also touched the 200-SMA (green) near $1,940, but the risk of a breakdown was not present. At the time of writing, Ethereum was trading above a support area at $2,085, although this area has seen some selling in the past. If the price begins to fall, the 200-SMA will be called into play. If the bulls will hold the long term moving average, traders will be able to buy ETH at a discount of about $1,940.

The Squeeze Momentum Indicator has started to fall below the half-way point, but a buy signal could be available at the index’s top. Meanwhile, the RSI has moved into the oversold territory, implying that a turnaround is imminent. This might result in a bullish rally back to the upper limit of $2,306.

RECOMMENDED READ:  Bitcoin SV, Dogecoin, Ethereum Price Movement Analysis for 14th March, 2021

Elrond [EGLD]

Source: EGLD/USD, TradingView

A single candlestick on Elrond’s 4-hour chart recorded a nearly 24 percent decline, and although the bulls attempted to fight this action at the 200-SMA at around $165, the market remained bearish. The MACD line had dropped below the half-way point, and the histogram showed that the gap between the fast-moving line and the Signal line was increasing.

Prior to the pullback, the OBV was in a downtrend, indicating that some selling was still taking place in the market. Losses were further exacerbated when the bears broke through the $210.3-support level. In the event of a prolonged contraction, support thresholds are located at $157.7 and $148.2.

Basic Attention Token [BAT]

Source: BAT/USD, TradingView

A previous research indicated that Basic Attention Token was accumulating before the next upswing, and although this may have been so, a wider stock sell-off hindered this scenario. After trading in a range of $1.60-$1.37 for the previous ten days, BAT broke through this channel and fell as low as $1.07.

RECOMMENDED READ:  ETH hits the yearly high of $700: Will we see a rise in the institutional adoption of Ethereum in 2021?

The current support level of $1.147 saw some buying during the previous dip, and bulls are looking to repeat this in the coming sessions. The on-chain metrics, on the other hand, heavily favoured the sellers. The Awesome Oscillator shows rising bearish momentum, while the Chaikin Money Flow fell well below the half-line due to high capital outflows.

Leave a Reply

Contact Us