290 Interactions, 2 today
Theta demonstrated market weakness but retained support at $12.09. Finally, UNI has closed in on the $30 range after a bullish 24 hour run. As the market flipped the $0.55-resistance stage, XRP’s momentum shifted to the bearish side.
Although Theta recovered beyond the $12 mark after a delay in the introduction of its 3.0 mainnet, returns were limited to the upper limit of $13.62. Although the ADX also signalling an uptrend in the market, it also suggested that the bulls were losing momentum. A bearish twin rig on Awesome Oscillator was supported in the same way. Trading rates have plummeted in the last 24 hours, almost halving at press time.
In the case of a pullback, the thresholds to watch were $10.6 and $9.08. This could cause Theta to fall out of the top ten crypto ranks, but with solid technicals backing it up, a long-term increase towards the $40 mark is likely.
A look at the 4-hour chart of Uniswap indicated bullishness as the price reached $30. After the price dropped below $26, the RSI signalling oversold conditions in the market. This was soon reversed as investors pushed up the price. Though OBV did see an increase in purchasing pressure, the index was still a long way from where it was when UNI was at all-time highs.
Volumes totalled $635 million, a 21% decrease from the previous day. Volumes will be closely watched in the coming week, and if they rise, UNI will definitely hit its ATH.
As XRP recovered from $0.48 support, OBV reported higher lows and buying activity. However, the area above $0.55 experienced a fast sell-off a few days ago, and Awesome Oscillator showed a red bar at the time of publishing. Although 24-hour trade rates approached $5 billion, they were down 8.4 percent.
As XRP consolidates beyond its press-time support, buyers and sellers will undoubtedly fight for market dominance in the coming sessions. The bulls’ short-term goal was $0.62, but XRP will need to clear any selling pressure before seeing higher prices.