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Monero, Uniswap, Maker Price Analysis: 25 March

Akashnath Sumukar



Source: Pixabay

Selling pressure on Bitcoin was felt across the market. Monero and Maker noted bearish pressure, but were trading within a longer-term range, while Uniswap was forced to cede multiple levels of former support levels to the bears.

Monero [XMR]

Monero, Uniswap, Maker Price Analysis: 25 March

Source: XMR/USDT on TradingView

Since late February, XMR has bounced between the $198 and $230-levels of support and resistance. The previous week saw XMR climb past $230 and touch $238, but selling pressure forced the coin lower to $210.

The $215-level could still halt the descent of XMR, but this also depends on Bitcoin staying above the $52k-mark.

The technical indicators for XMR did not paint a very hopeful picture for XMR. The Chaikin Money Flow was below -0.05 to show significant net capital flow out of the market, marking strong selling pressure. The Awesome Oscillator was below the zero line as well and denoted bearish momentum.

A revisit to $198 would present an opportunity to buy XMR, and the XMR/BTC pair was in consolidation as XMR/USD pair chopped about the $215-level.

Uniswap [UNI]

Monero, Uniswap, Maker Price Analysis: 25 March

Source: UNI/USDT on TradingView

UNI shed close to 24% of its value in the last 48 hours. It dropped as far south as $25.7 in recent hours, but at the time of writing, had seen a bounce to $27.4. There was a level of former support turned resistance at $27.5, and a region of supply at $27.9-$28.

The RSI and Stochastic RSI were in oversold territory on the hourly chart, and on the 4-hour chart as well, with the RSI noting a value of 30. This could see a relief bounce for UNI in the short-term, one as high as $28. Another move lower seemed likely, while a recovery would also be dependant on sentiment surrounding Bitcoin.

Maker [MKR]

Monero, Uniswap, Maker Price Analysis: 25 March

Source: MKR/USDT on TradingView

MKR has been ranging between the $1,800 and $2,400 mark for the past month. Recent bearish pressures on the market did not force MKR below $1,800, a level it defended well in recent hours. This level also represents the 50% retracement level for MKR’s surge to $3,100, further strengthening this level as support.

This is a hopeful sign, and a revisit to the $1,800-mark can be a buying opportunity. The price continued to remain under the mid-point of the range at $2,060, indicating that bears were in control.

The Bollinger Bands width indicator was flat as the price floated above $2,060, and widened in recent hours as MKR dropped to $1,800.

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Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.