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Bitcoin’s price rose; though this was not a full-fledged rebound, it may have aided some altcoins such as Uniswap, Bitcoin SV, and Tezos. These cryptocurrencies had some correction and recovery over the weekend, but the market remained negative.
Over the weekend, the market’s negative pressure brought UNI to $19.89. As a consequence, the asset breached the long-standing support at $22.1. The market’s subsequent rally narrowed the negative gap, but the price might yet fall lower.
The 50 Moving Average stayed well above the candlesticks, showing that UNI has been in a downtrend since the May decline. The Directional Movement Index [DMI] was also indicating an increase in market downward pressure. Because -DI has been higher than +DI, downward pressure will keep the asset’s value low.
Meanwhile, sellers in the market were increasing as UNI approached the oversold zone.
Bitcoin SV [BSV]
The price of Bitcoin SV has been observed stabilising above support around $157. The digital asset was trading at $170, and there was a lot of bullishness in the BSV market.
The gap was moving in on the 50 MA, which had held above the price bars. Over the last week, there has been a significant shift in volatility, and the asset has been drifting sideways since then. Interestingly, the visible range indicator was indicating that the BSV Point of Control was at $164, and with the price continuing at $170, a level of support will be offered at $164.
Despite the asset’s little change, it was approaching the overbought zone. This indicated that traders were trading vigorously at the present level.
Since its low in May, the Tezos price has fluctuated between $4.34 and $2.94. Despite the fact that the market’s consolidation gave way to bulls, bears reappeared as XTZ challenged support at $2.94.
As Chaikin Money Flow dropped to zero due to changing patterns, the money that was entering the market began to exit. The XTZ market’s momentum is now negative, however traders are continually pushing and pulling the price of XTZ.