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Within a single day, the Bitcoin price has risen by 21%. The rebound has increased the value of the largest digital asset above $36k, while altcoins have not witnessed a price increase.
Due to market bearishness, XRP, Cardano [ADA], and Uniswap [UNI] have either continued to consolidate or plunged. However, certain cryptocurrencies may experience a trend reversal in the near future.
The abrupt negative onslaught in the cryptocurrency market brought XRP down $0.7850, although the coin has made some progress in the last day. At the time of writing, XRP was priced at $0.8902, and signs indicated that it had already begun a bullish ride.
A rapid rally propelled XRP from $0.8504 to $0.9076, then after some pullback, it went beyond the barrier and reached $0.9219. This surge drove the 50 Moving Average below the price bars, indicating an upward trend. The growing price, along with the optimistic market, suggested that XRP traders were eager to purchase the asset since larger gains were anticipated.
This bullishness, however, may be challenged by the bears, as the Directional Movement Index indicated a -DI crossing over the +DI. If this occurs, the XRP market will see a correction.
Cardano saw immediate resistance at $1.62 and then recovered. The asset was trading at $1.57, closer to support at $1.54. Because of its inability to break over its immediate barrier, ADA has remained under bearish pressure. As the stock attempted to breach $1.62 once more, the 50 MA stayed underneath the candlestick, providing support. However, if the MA crosses the candles, the price may fall.
Given the critical range in which the price was moving, market sentiment was now negative. With momentum waning, the price may be unable to rise further and instead may stabilise. The Awesome Oscillator has plummeted to 0.0108 and may fall further, indicating a bearish market. Nonetheless, ADA was already oversold and it could be time we see buying pressure rise as ADA was still a valuable asset.
The Uniswap price was similarly on a downward trend, having reversed course after soaring to $25.25. At the time of writing, UNI was trading at $24.27, but the market was still showing signs of bullishness. UNI marched on the pricing scale as well. As the price rose from $21 to $25, the 50 MA dipped below, providing support and indicating a strong upward trend.
ADA was now attempting to avoid a trend reversal from occuring as the price reversed. It was attempting to retain the present price as the Aroon indicator showed the Up line and Down line may be approaching a probable crossing; nevertheless, the downward pressure has been significant until then. Buying and the selling pressure were at evenly matched which could add to the consolidation trend.