Polkadot, Uniswap, VeChain Price Movement Analysis for 8th May, 2021

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Polkadot’s upchannel closed in on a key resistance zone at $46-49. Uniswap can break south from a descending triangle and reach $35. VeChain’s breakout over $0.252 was thwarted, and another bullish retake attempt appeared impossible.

Polkadot [DOT]

Polkadot has been on an upward trajectory since the end of April, rising from $28.5 to $43.8 in just two weeks. On the regular timeframe, an ascending channel emerged during this leap and reached a critical juncture. If DOT is able to break through the $46-49 mark in the coming days, the price will most likely rise and override this bearish formation. Since late February, OBV has been moving within a dropping channel as buying pressure has been declining. This could happen, and lower purchasing demand could prevent a breakout over the previously stated ceiling.

OBV, on the other hand, could see a jump if it tries to break through the upper trendline. This might push DOT’s stock price up to $55-60. The Awesome Oscillator detected bullish energy, but not enough to predict a favourable outcome. When there is a malfunction, the funding levels are $38.5, $35, and $28.5.

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Uniswap [UNI]

Source: UNI/USD, TradingView

Uniswap made lower lows and traded within a descending triangle on the 4-hour timeline. If the $38 level shifts to the bearish side, a sell-off towards $35 is possible. This support coincided with the 200-SMA (green), and a break below the long-term moving average might send UNI down to late-April lows.

A downward-sloping Awesome Oscillator has highlighted the downturn in buying momentum. Capital outflows were also high, as Chaikin Money Flow remained below the half-line and registered a reading of -0.07. To achieve a bullish result, UNI first wanted to reclaim the area above $41.6. More buying could occur if the price rose above $45 in the coming days, but this is impossible.

VeChain [VET]

Source: VET/USD, TradingView

A symmetrical triangle breakout showed advances of more than 13% from the upper trendline, but VeChain was unable to completely capitalise because the $0.252-level remained in the hands of the bears. The 4-hour charts showed a string of red candlesticks as sellers ruled out more gains.

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The green bars on the Squeeze Momentum Indicator had decreased, but the white dots still showed some market uncertainty. The RSI has fallen below the overbought zone and could begin to fall towards 50. If the bulls reclaim $0.252, VET could climb above $0.27. Another market swing will result from an increase in 24-hour trade rates.

 

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