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If the price is unable to overcome the $32-resistance, Uniswap can fall back to $26.2 support. Monero’s bullish movement was confined within an ascending triangle, and a long-term breakdown was still possible. Finally, it was predicted that Ethereum Classic would deviate from the average and break below its symmetrical triangle.
Uniswap developed three peaks above the $35 level in early March but struggled to break above that level, resulting in a breakdown. While UNI recovered from $26.2 support, resistance at $32 has capped gains in recent days. If the price reaches $32 but struggles to climb further, another breakdown is likely in the long run.
The fact that a couple of candlesticks closed above the 50-SMA (red) over the last couple of sessions sparked some hope. The RSI also indicated a degree of bullish intensity in the economy, pointing north from near 60. However, trade rates had not increased enough to sustain a significant market swing. The Awesome Oscillator indicated a bullish-neutral sector, but it was below the half-way point.
Monero has been on the rise in the last 24 hours, with four straight bullish candlesticks appearing on its 4-hour map. However, the momentum remained well within its ascending channel, indicating a breakup from the bottom sloping trendline.
Although the RSI has been largely bullish over the last 10 days, a bearish divergence was observed after it established lower highs. This was a reiteration of a failure forecast. Meanwhile, as money shifted away from XMR, the CMF sank below the half-line. Though not especially alarming, capital outflows have stifled XMR’s upward movement. A break below the bottom trendline may be cushioned by a $239.05 support line.
Ethereum Classic [ETC]
Following the rangebound trend seen during much of March, Ethereum Classic saw a breakout over $14.2, resulting in a market rally. The rally peaked at $20.7, and a symmetrical triangle developed after lower highs were observed in previous sessions. While an upward breakout is usually predicted if taken as a continuation pattern, the last two triangles that ETC shaped on its 4-hour chart showed the opposite trend.
The formation of symmetrical triangles in both January (not shown) and February resulted in a sharp breakup, and the same was predicted to occur in the future. Even though the fast-moving line won some ground on the Signal line, the MACD indicated a degree of bearishness in the sector. On the Awesome Oscillator, a bearish twin peak configuration was also observed. If the price falls below the lower trendline, support levels can be seen at $15.6 and $14.2. On the other hand, a bullish wider market could propel ETC above its upper trendline and towards $21.