Polkadot, Stellar Lumens, Uniswap Price Movement Analysis for 24th May, 2021

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Polkadot’s rally could reach $30, representing a 100 percent increase in just two days. Meanwhile, Stellar Lumens and Uniswap all increased by 40% and fought for the lead in the mid-cap alt race.

Polkadot [DOT]

Polkadot rose after the bulls defended a breakdown from the $14.9 support range. Short-term gains could be seen up to the $24.6-resistance now that the price is above its 50-SMA (yellow) on the hourly scale. If Bitcoin tries to break above $40k today, DOT could see returns over the $30-resistance and its 200-SMA (green). Overall, which will result after a 100 percent price increase in just two days.

For the first time since May 20, the Awesome Oscillator was over the half-line. The RSI had yet to enter the overbought sector, and the odds of a pullback in the coming sessions were slim.

Stellar Lumens [XLM]

Source: XLM/USD, TradingView

Stellar Lumens was one of the frontrunners among the top 15 coins by market value, rising 41% in the last 24 hours. On the 4-hour timeline, opposition in the form of $0.44 posed the first impediment to XLM achieving an even greater spike in valuation. A break over the aforementioned amount could extend returns all the way to $0.53 – an area where the 50-SMA (yellow) and 200-SMA (red) met (green). In the event of a pullback, the recently broken resistance level at $0.388 can provide some help.

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The Awesome Oscillator could rise above the half-line if a bullish twin peak setup occurs, indicating incoming purchasing pressure. And as the CMF traded only over the half-way point, capital inflows outweighed outflows.

 

Uniswap [UNI]

Source: UNI/USD, TradingView

Uniswap often had a major edge over other mid-cap alts, as traders prefered the native cryptocurrency of the decentralised markets. Indeed, its returns outperformed those of its rival XLM by 42 points. UNI has risen above its 20-SMA (red) on the 4-hour chart and is nearing the $22.23-resistance.

If the bulls smash through this resistance level, another 23 percent surge to $27.4 and the 50-SMA is likely (yellow). If a breakout does not occur, any rangebound acceleration above $20 should be expected before the next leg upwards.

The RSI broke above its sloping trendline as the bulls forced a turnaround in market conditions. A rise above 50 indicates a stronger bullish impact. If the Squeeze Momentum Indicator approaches the halfway mark, successive green bars suggest a long rally.

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