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Polkadot is currently consolidating in a strong uptrend. The bears are attempting to
defend the $9.50 overhead resistance while the bulls are buying on dips to the $7.89 support.
The Polkadot pair closed in the red on Jan. 1 but the bulls made a strong comeback on
Jan. 2. This shows that the traders are not waiting for a deeper correction to buy
as they expect the prices to rally further. If the bulls can propel the price above the
$9.50 to $9.89 overhead resistance zone, the uptrend could resume with
the next likely target at $12.29. However, if the price turns down from the
overhead resistance, the pair could remain range-bound for a few more days. The pair
may lose its bullish momentum if the price slides and sustains below the $7.89 support.
The 4-hour chart shows that the bulls are buying on dips to the 20-EMA.
This suggests that
the sentiment remains positive. The upsloping moving averages and the RSI in the positive
zone suggest that bulls have the upper hand. If the bulls can push and sustain
the price above $9.50 for four hours, the next leg of the uptrend could begin.
However, if the price again turns down from the overhead resistance, the bears will try to
sink the price below the 20-EMA. If they succeed, the momentum may weaken and the pair may remain
range-bound between $7.89 to $9.50 for a few days. Binance Coin resumed its uptrend today when the bulls pushed the price to a
new all-time high at $41.5372. The upsloping moving averages and the RSI in the
overbought zone suggest that bulls are in control. The next target on the upside is $46 and then $50.
This zone is likely to act as a stiff resistance. However, the current breakout is
facing profit booking above $40. If the bulls fail to sustain the price above
$40, the Binance Coin pair may remain range-bound between $36 and $40 for a few more days.
A break below the 20-day EMA ($34.99) will suggest that the bullish sentiment has weakened
and traders have started booking profits. The 4-hour chart shows that the bears are selling
aggressively above the $41 levels, as seen from the long wicks on the latest two candlesticks.
If the price dips back below $40, it could find support at the 20-day EMA.
A strong rebound off
this level will suggest demand at lower levels and the bulls may again try to resume the uptrend.
Conversely, if the bears sink the price below the moving averages, it will suggest a
possible change in the short-term trend. Uniswap broke out of the $2.90 to $4
tight consolidation on Dec. 30 and surged to $5.29 on Dec. 31. The bears are currently
attempting to stall the up-move at the $5.60 resistance but the positive sign is that
the bulls have not given up much ground. The upsloping 20-day EMA ($4.06) and the RSI above
67 suggest that the path of least resistance is to the upside. If the bulls can drive the price
above $5.60, the Uniswap pair could extend the uptrend and rally to $7.50 and then to $8.60.
Contrary to this assumption, if the price again turns down from $5.60, the pair may remain
range-bound between $4.50 and $5.60 for a few days. The positive view will be refuted if
the bears sink the price below the $4 support. The 4-hour chart shows that the price has broken
out of the symmetrical triangle.
If the bulls can sustain the breakout, the pair could start
its journey to the pattern target at $6. On the contrary, if the price slips back into
the triangle, it could drop to the 20-EMA. A strong rebound off this support will indicate
accumulation at lower levels and the bulls will once again try to resume the up-move.
This positive view will be invalidated if the pair turns down from the current
levels and breaks below the triangle. Subscribe to our channel and open
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and is for information purposes only. It is not intended to be investment advice.
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