Chainlink, UNI, NEM Price Analysis: 24 March
Thanks to Bitcoin’s price corrections on the 22nd, the last few days have been very bearish for most of the crypto-market. However, while the world’s largest cryptocurrency has been consolidating above $54,000 since, the same wasn’t true for the market’s altcoins, with the likes of Chainlink, UNI, and NEM continuing to lose value on the price charts.
It’s worth noting, however, that if Bitcoin surges again, the aforementioned alts’ price fortunes could change quickly.
Chainlink, the cryptocurrency ranked 11th on CoinMarketCap, has been very inconsistent on the price charts since it hit its ATH a few weeks ago. In fact, while for a long time LINK took pride in moving independently of Bitcoin, of late, its movement has been dictated by BTC’s, with the same being the case over the last few days.
When BTC fell, so did LINK, with the alt dropping by over 9% in the last 48 hours. At the time of writing, LINK was once again trading at a level last seen in the first week of March.
While the Parabolic SAR’s dotted markers were well above the price candles and underlined the bearishness in the market, the Awesome Oscillator pictured the market’s momentum dipping into the negative territory.
The altcoin’s movements have been in line with those projected by a recent analysis, with the same predicting that LINK was likely to be pulled in one direction soon. Despite the said corrections, however, LINK can be expected to turn bullish again owing to a host of other factors.
Uniswap [UNI], the crypto-market’s biggest DeFi token, has had a good few weeks and months, with UNI registering its ATH on the charts just under 48 hours ago. Since then, however, UNI has been on a downtrend, one spurred on by the general market’s bearishness. In fact, after registering an ATH of $35,88 on the charts, at press time, the alt had fallen by almost 13%.
The sharp drop in trading value was accompanied by an even sharper hike in trading volume.
UNI’s indicators flashed some interesting signs, but they weren’t credible enough to warrant talks of a trend reversal. While the mouth of the Bollinger Bands was widening to indicate some near-term volatility, the Relative Strength Index was pointing north towards the point of equilibrium.
With Uniswap V3 expected to release on the Ethereum mainnet sometime in May, UNI’s price action is likely to profit as soon as the correction wave passes.
Following the 37.5% depreciation on the anniversary of Black Thursday, XEM’s price action has been very rangebound on the charts, with the altcoin a long way away from regaining its losses. In fact, if anything, the alt seemed to be heading in the opposite direction, with XEM falling by over 7.5% since the 22nd after Bitcoin registered corrections.
The cryptocurrency’s technical indicators didn’t leave room for a lot of optimism either as while the MACD line was intertwined with the Signal line, the Chaikin Money Flow, despite pointing north, was still below zero.