Ethereum, the biggest altcoin in the world, has recaptured the $1,600 mark and is targeting a split above its 200-SMA. FTT’s upside was over $35 after splitting north of its symmetrical triangle. The market bulls held hold of the Uniswap market, with the $27.2-resistance likely to be overturned in a prolonged bullish scenario. Finally, at the time of publishing, Verge flipped the $0.019 resistance, one of the many thresholds that need to be reversed for a bullish comeback.
Successive green candlesticks on Ethereum’s 4-hour chart underscored the positive momentum on the market as it recovered $1,600 in press time. What was odd, however, was that ETH had made gains even as the 200-SMA (green) crossed over the 50-SMA (blue), normally considered to be a bearish development. Perhaps the press time increases were more indicative of a favourable relationship with Bitcoin, since they also headed north at the time of publishing.
The on-chain metrics showed that ETH was up for extra earnings over the next few trading sessions. The RSI rose sharply and looked at the over-purchased area as the bulls tried price control. The Awesome Oscillator even saw a pickup of a bullish momentum. A spike over the 200-SMA looked ahead.
FTX Token [FTT]
FTX Token experienced a breakout of a symmetrical triangle a few days ago and was going upward at more than $35. The On Balance Volume has allowed a number of higher amounts, as the purchase demand has sent the price to record levels. However, some selling pressure has also been visible in the last few sessions.
The Bollinger Bands have shown that the variance is on the rise as the bands are diverging in press time. If the sellers take ownership of the market, there is a possibility that FTT will trade below the signal line going forwards. Such a switch would put the bulls at risk of losing $28.5 in support.
The Parabolic SAR dotted markers passed under the candlesticks as Uniswap continued its uptrend after picking up the $20-mark. The reading of 20 on the ADX Indicator indicated some weakness, but the index was pointing to the north as the demand was getting stronger.
If trading rates pick up in the coming sessions, the bulls of the sector will fail to hang on to the $27.2-resistance mark. In the other hand, if UNI moves south, the 50-SMA (yellow) might serve as a hedge against a price decline.
Looking at Verge’s 4-hour map, it was seen that the cryptocurrency was indeed suffering from losses after a wider market reversal process. In only four days, the cryptocurrency fell by more than 40 percent and eventually amortised its $0.015 funding losses. At the time of publication, though, the bulls were able to flip the $0.019-resistance as the momentum picked up on the purchase side.
The same was seen by the Awesome Oscillator after the green bars went above the balance point. On the other hand, the Stochastic RSI peaked in the over-purchased area and signalling a price drawback. However, the upside of $0.023 can also be expected in the context of a wider price trend.
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