Due to the market crash on June 4, altcoins followed Bitcoin’s trajectory. The recovery was rather slow while the royal coin struggled to surpass the $ 37,000 mark. Even the total market cap was $ 1.622 trillion, up less than 2% in the last 3 days. Chainlink and Bitcoin Cash continued to move slowly sideways, while Uniswap appears to be moving up.
Chain link [LINK] : –
Chainlink has been capped at $ 35.36 resistance and $ 22.7 support since May 19. Despite attempts to break through the resistance ceiling, LINK continued its sideways movement, trading at $ 28.1 at the time of publication. Bollinger Bands indicates low volatility due to tight convergence of bands.
Relative Strength Index (RSI) suggested a possible price increase. The purple RSI line has risen again as it approaches the oversold area and remains at 44.6 at time of writing. Moreover, Squeeze Momentum Indicator showed a decline in bearish pressure. Due to the recent “Squeeze” (indicated by white dots) and the appearance of dark red streaks, movement may become positive.
Although volatility has been limited, the coin will continue to rise within the aforementioned support and resistance levels.
Bitcoin Cash [ BCH ] : –
Unlike other altcoins, Bitcoin Cash has repeatedly tested its $ 605 support level since its May 19 drop. Trading at $ 660, BCH was gradually approaching the support level. Despite the fact that the coin has been trading at a low level for a long time, the market has not yet shown positive dynamics for the coin. Chaikin’s cash flow depicted capital outflows prevail over inflows and kept the indicator close to neutral.
MACD The indicator did not show any optimistic dynamics either. Both the blue indicator line and the red signal line have remained aligned since the beginning of the month and continued this movement at the time of publication. However, Simple moving averages changed their position. 50 SMA (orange line), changed its position to resistance as it moved above the candles and 100 SMA (red line) stood very close to the price indicator. This was unusual since the indicator had been far away since May 19.
Based on the indicators, BCH is showing no signs of a jump in prices. There may be some upward movement, but the coin is likely to remain below the $ 870 resistance level.
Uniswap [ UNI ] : –
As discussed in previous analysisUNI did turn positive and showed an uptrend in the early morning of June 7th. Awesome oscillator On June 4, there was a bearish momentum. However, the appearance of green streaks at time of writing indicated a rise in bullish momentum.
This was supported Parabolic SAR which showed that the uptrend started after the white dotted line moved below the price indicator. Low resistance Medium Directional Index (ADX) positive signals are displayed. As long as the red line indicator stays below 25.0, UNI may have some chances to rise.
In this case, based on broader market signals, the rise in price is still unlikely to break the resistance level of $ 29.93, and the coin will remain consolidated above the support level of $ 22.17.
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