Uniswap shifted below its 200-SMA and the bulls faced an uphill task to turn the market back in their favor. Chiliz maintained a crucial support mark at $0.520 from a breakdown. Lastly, Decred needed to cut losses at $180.7 to avoid a sharp reversal.
A southbound move below the $30-mark saw Uniswap drop below its 200-SMA (green) on the 4-hour timeframe. Bearish momentum was on the rise according to the Awesome Oscillator and even though one green candlestick did close in favor of the bulls, the market was in favor of the bears.
In case of additional losses, a strong level of support rests at $26.2. To turn the market back around, the bulls would need to target a rise above the upper ceiling of $31.4 and the 200-SMA. The RSI was yet to peak in the oversold region and a comeback did not seem likely just yet.
A recovery in the Chiliz market towards mid-March levels was halted due to a broader crypto sell-off. This put a spanner in the works as CHZ attempted to capture the $1-mark after a steady uptrend from $0.367-support. On the 4-hour chart, the bulls defended $0.520-support from a breakdown.
If the press-time support is maintained over the coming sessions, there was a chance of a bullish comeback towards the $0.69 upper ceiling. The Squeeze Momentum Indicator presented a sell signal after the first red bar fell below the equilibrium point. The OBV also trended lower as selling pressure outweighed buying pressure. Additional lines of support reside at $0.45 and $0.36.
An impressive run boosted Decred from the $143.8 mark to an all-time high of $251.8 and even though the price moved south along with the broader market, several support levels were discovered in the process. At the time of writing, the defensive line around $200 held strong and prevented an extended sell-off.
While the on-chain metrics did flash red signals, breakdowns can be countered by the bulls till $180.7. A move below this would put DCR in bearish territory and the price may remain subdued over the short term. The MACD noted a bearish crossover but the index was not under threat of dropping below the half-mark. The Chaikin Money Flow had positive reading as capital inflows were greater than capital outflows, but the difference was minimalizing over the last few sessions.
Sign Up For Our Newsletter