As the Bitcoin fear and greed index dipped to lows not seen since July, flipping the ‘extreme fear’ sentiment became a mountable task for the bulls. Accordingly, the near-term technicals for Uniswap, Tezos, and EOS chose the bears.
Uniswap (UNI)
TradingView, UNI/USDT
UNI’s long-term bearish streak reversed from the crucial 11-month support at the 13.98-mark. The rising wedge (white) saw a breakdown from the $19.89-level resistance.
Over the past four days, the alt saw a 25.63% retracement. As a result, it fell below its Point of Control (red) and marked a down-channel (white) on its 4-hour chart. The immediate testing point for bulls stood near the 20-SMA (cyan) at the $16.06-mark.
At press time, the alt traded at $15.6 after noting an over 8% gain in the past few hours. After a double-bottom surge, the RSI quickly fell below the midline and flashed a bearish bias. However, the MACD histogram entered the green zone, but its lines still could not cross the zero level. It becomes vital to note that the OBV was still at its Point of Control level. This reading indicated a bright possibility for a reversal.
Tezos (XTZ)
TradingView, XTZ/USDT
As XTZ bulls ensured the four-month support at the $3.8-mark, the price action entered into a recovery phase. As it marked an up-channel (white), the alt breached multiple resistance until the 61.8% Fibonacci level.
Since then, it retreated by nearly 28% and bounced back from the aforestated $3.8-level. Accordingly, the 20 SMA (red) plunged below the 50-200 SMA, confirming the bearish vigor.
At press time, XTZ traded at $4.221. The RSI continued to find resistance near the midline and chose the bears. Further, the MACD lines chose the bears while its histogram projected the increased near-term buying pressure. Now, the 23.6% Fibonacci level stood as a strong resistance.
EOS
TradingView, EOS/USDT
The bears retested the $3.09-level multiple times, but the bulls held their ground until the 5 January fallout. With a 16.5% from that day, EOS poked its five-week low on 8 January. It flipped the $2.9-mark support to resistance over the past few days. The digital currency marked a down-channel (white) on its 4-hour chart.
At press time, EOS was trading at 2.782. The RSI dipped and stayed below the midline after finding strong resistance at the 57 point level. Now, the Squeeze momentum indicator flashed black dots and hinted at a low volatility phase.
