The Bitcoin price has marched 21% within a day. The recovery has pushed the value of the largest digital asset to $36k, however, the altcoins have not seen a bullish shift in price.
XRP, Cardano [ADA], and Uniswap [UNI] either continued to consolidate or plunge due to the bearishness in the market. However, going forward, some altcoins may see a trend reversal, at least in the short term.
The sudden bearish attack in the crypto market pushed XRP to $0.7850, however, the coin has made some recovery over the past day. XRP was currently valued at $0.8902, at the time of writing and indicators suggested it has already embarked on a bullish journey.
A sudden surge pushed XRP from $0.8504 to $0.9076 and then with some retracement jumped above the resistance and hit $0.9219. This surge pushed 50 Moving Average under the price bars which was a sign of an upward trend. The rising price clubbed with bullish market indicated that XRP traders were keen on buying the asset as higher returns were expected.
However, this bullishness can be challenged by the bears as the Directional Movement Index suggested -DI crossing over the +DI. If that happens, XRP market will instead be looking at a correction.
Cardano tested immediate resistance at $1.62 and returned. The asset was closer to support at $1.54 and was trading at $1.57. This failure to breach its immediate resistance has kept ADA under bearish pressure. As the price tried once again to surpass $1.62, 50 MA has remained under the candlestick offering support. However, if the MA crosses over the candles, the price may trend lower.
The sentiment in the market was negative currently given the crucial range the price was moving. With momentum reducing, the price may not be able to climb higher but consolidate instead. Awesome Oscillator has dropped to 0.0108 and could drop to negative dictating a bearish market. However, ADA was already oversold and it could be time we see buying pressure rise as ADA was still a valuable asset.
The Uniswap price was also on a downtrend as it took a U-turn after surging to $25.25. At the time of writing, UNI was trading at $24.27, but the market was still noting a level of bullishness prevailing in the market. UNI also marched on the price scale. As price built from $21 to $25, 50 MA slipped under, offering support and noting a strong upwards trend.
Currently, ADA was trying to prevent a trend reversal from setting in as the price turned around. It was trying to hold on to the current price as Aroon indicator suggested the Up line and Down line may be looking at a possible crossover; however, until then the downwards pressure has remained high. Buying and the selling pressure were at evenly matched which could add to the consolidation trend.