After Bitcoin and Ethereum registered losses over the last 24 hours, bearish tremors were felt across the broader market. BTC dropped by nearly 5% and traded at $55,149, while Ethereum lost ground on the $4,000 mark. Similarly, Chainlink, VeChain and Uniswap traded in the red at press time and indicated further pullbacks over the coming days.
Chainlink inched closer towards $45.6-support after bearish price action over the last 24 hours. If this level is breached, another defensive line rested at $41.3. Interestingly, the aforementioned support also coincided with the 20-SMA (red) and this region could counter a short-term sell-off. A more establish buying area lay at the $35.5-mark and close to the 50-SMA and a breakdown from this would sound alarm bells in the market. Such a scenario could lead to another 30% retracement towards the 200-SMA at $23.6.
RSI was expected to continue south judging by its movement since late February. A fall below 40 could trigger an extended bearish outcome. On the opposing end, OBV’s uptrend suggested that buying pressure had not escaped the market just yet. If the $35-41 region is maintained over the coming days, another price swing could be on the cards.
At the time of writing, losses in VeChain were kept at bay $0.198 and the 20-SMA acted as additional support. On the 4-hour timeframe- this level coincided with the 200-SMA. Hence, a sell-off can be expected if the press-time support is breached. This outcome could cause a 20% retracement towards a defensive line of $0.167. The 24-hour trading volumes clocked in at $2.5 Billion but expect this number to drop over the coming days.
Awesome Oscillator noted bearish momentum after VET peaked at $0.282. A fall below equilibrium would have a damaging effect on VET’s short-mid term trajectory. RSI maintained neutral territory but a fall below 50 could see a sharp southbound move.
Uniswap broke south from a descending triangle and headed towards the $35-mark. There was still a chance for a bullish bounce back but $32-35 needed to be defended from selling pressure for such a favorable result. The 50-SMA traded within the aforementioned support area and could offer respite in case of further dips. If this level also fails to cut losses, a retracement could take place all the way towards the $17.4- level, which was last seen during late February.
Squeeze Momentum Indicator’s green bars fell towards the half-line as momentum shifted towards the sellers. The first red bar below equilibrium would present a sell signal. The MACD’s bearish pattern was consistent with the SMI.