Uniswap traded slightly above the $30-mark but was projected to remain below $32 over the short term. VeChain and Waves, both formed an ascending triangle on their respective charts, and the latter coin could snap the $14 price level in a bullish scenario.
Uniswap rose to prominence especially during the wider DeFi boom and has enjoyed a strong start to 2021. Year-to-date gains amount to over 530% and have underlined a strong uptrend in the UNI market. The beginning of April even saw the price recover from lows reached during end-March, and the price settled above $29.1 resistance. This price movement suggested that the bulls were gathering strength before the next big move.
Current market conditions were in the red according to the MACD, but the same still floated above the half-line. The RSI pointed south from 50 and suggested that a breakout above $32 was unlikely at least over the short term.
There were a few support levels present for VeChain which prevented a breakdown on the 4-hour charts. Support lines at $0.076, $0.084, and $0.087 have been called into action over the past week. In fact, an ascending triangle formed in the process as the highs held steady at the upper ceiling of $0.098. While a sharp breakout from this pattern was not likely, it did indicate a bit of an accumulation phase.
The OBV ticked up at the time of writing but was yet to reach levels seen on March 22. The Awesome Oscillator noted momentum on the bullish side after a series of consecutive green bars. The 24-hour trading volumes did not hit the $1 billon mark but the same should be observed for stronger moves within the VeChain market.
Volatility has been high in the Waves market ever since it rose above the $10.7-resistance barrier. Sharp northbound movements have been countered successfully by the bears so far, but the upper ceiling of $13.2 has been knocked on multiple occasions. If the bulls do triumph over the coming sessions, a breakout from the upper trendline could see WAVES head towards $14 – a region last seen in January 2018.
The OBV was trading at healthy levels as buying pressure remained a constant driving force in the market. On the downside, a bearish divergence was spotted on the MACD after it made lower highs. If a breakdown does take place, the $10.7 region could cushion an extended sell-off.