Analysis
Cardano, NEM, Uniswap Price Analysis: 26 August
It has been a mixed trading day for the altcoin market. The likes of ADA and UNI declined on their charts by 2.7% and 0.6%, respectively. Cardano fell below the $2.63 support level while UNI traded very close to the $25.47 support line. XEM, however, recovered slightly by 0.3% despite signs of bearish price action.
Cardano [ADA]
ADA/USD, TradingView
ADA declined by 2.7% over the last 24 hours and was trading at $2.57. It recently fell below its $2.63 support level and could fall further to rest on $2.38. The technicals indicated bearishness in the market.
The MACD observed a bearish divergence following which it flashed red histograms highlighting downward price movement. Buying pressure dipped and the Relative Strength Index fell below the half-line. Correspondingly, the Chaikin Money Flow stood underneath the midline as capital inflows declined.
A price reversal could push ADA to topple the immediate $2.63 resistance line and then retest its ATH level of $2.93.
NEM [XEM]
XEM/USD, TradingView
XEM recovered by 0.3% over the past 24 hours and was priced at $0.192, above its immediate support level of $0.186. XEM flashed signs of a downtrend as validated by the indicators. The support levels for the coin stood at $0.186 and $0.155.
The Relative Strength Index struggled to stay above the half-line as the alt again dipped below the same and stood at 40 owing to diminished buying strength. The Chaikin Money Flow exhibited a sharp fall from the bullish territory into the bearish zone after a decline in capital inflows.
The Awesome Oscillator demonstrated red signal bars which meant that XEM was on a price downtrend.
On the upside, the resistance levels for the token lay at $0.208 and $0.228, respectively.
Uniswap [UNI]
UNI/USD, TradingView
Uniswap fell by 0.6% as its price stood at $25.72. The altcoin was trading very close to the $25.47 support line and with continued downward movement, it could rest on the $22.71 price floor. Indicators signaled negative price action too.
The Awesome Oscillator displayed red signal bars and the Relative Strength Index could possibly fall into the oversold zone. The Bollinger Bands diverged, a reading that signified an increase in the price volatility.
If UNI exhibits an uptrend, then it could break above the $28.26 resistance and attempt to retest the $31.20 price ceiling.
