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Analysis

Uniswap, THETA, Tron Price Analysis: 17 May

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Source: Pixabay

Uniswap projected further losses in case of a break below 36.5-$34.4 support. THETA’s cut-off point for bullish control lay between $7.88 and $8.44. Finally, Tron traded within a descending triangle and a 30% retracement loomed large.

Uniswap [UNI]

Source: UNI/USD, TradingView

A doji candlestick spotted on yesterday’s close signaled an abrupt end to what looked like a recovery in the Uniswap market. At press time, UNI traded within a buy zone of $36.5-$34.4. This area clashed with the 50-SMA (yellow) on the daily timeframe. Losing this critical region could see more southbound action towards $29-30. This outcome would indicate a 15% retracement from the present support mark.

Squeeze Momentum Indicator highlighted selling pressure and a series of white dots would indicate high volatility and sharper losses. MACD was in danger of slipping below the half-line. The last time MACD dropped below its equilibrium was back in December 2020 when UNI languished around $4.5.

THETA

Source: THETA/USD, TradingView

THETA maintained consolidatory movement over the last 24 hours. The region between $7.88 and $8.44 was an important boundary and ceding this to the bears could trigger a 22% fall to $6.41 support- a level previously seen in mid-March. Although unlikely, a stronger sell-off could occur towards $4.8 and the 200-SMA. Long-term traders could lap up THETA at this discounted price level.

Bearish pressure was evident in the market according to¬†Awesome Oscillator’s red bars. In fact, these conditions have been prominent since April end after THETA failed to break above $14.6. RSI traded in bearish territory below 45. For a bullish comeback, levels to reclaim were $12.4 and $13.8. A jump above $14.6 on strong volumes would point towards a price hike.

Tron [TRX]

Source: TRX/USD, TradingView

The formation of a descending triangle presented a dangerous path ahead for Tron. Conceding $0.101 support and the bottom trendline of this pattern to the sellers could lead to a 30% retracement towards $0.0648 support and the 200-SMA. Selling momentum was on the rise according to the Awesome Oscillator but a trade should not be initiated till a breakdown occurs. Lower highs on RSI indicated weakening and confirmed a downtrend for TRX.

If buyers return at $0.101 and push TRX above $0.139, this pattern would be invalidated. Moreover, a breakout from $0.15-resistance would indicate an incoming price swing.

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A business graduate with a keen interest in emerging markets across South East Asia. As a financial journalist, he covered stocks and market reports across Australia and New Zealand as well.

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Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.