Uniswap and Chainlink gain momentum: What lies ahead?

Overview

  • The Uniswap Protocol is an open-source protocol for providing liquidity and trading ERC20 tokens on Ethereum.
  • Chainlink decentralized oracle networks provide tamper-proof inputs, outputs, and computations to support advanced smart contracts on any blockchain.

The market structure of Uniswap and Chainlink has been discussed in detail.

Uniswap

Uniswap, currently trading at $19.64, is up by 7.91%. Here’s the market structure of Uniswap:

Uniswap started the day at $18.25 levels, was at its intraday low, before making a reversal. The early intraday high stands at $18.81 levels. On the daily chart, Uniswap was seen making bullish moves with higher highs. Uniswap left the major resistance levels untested early on today and has been extremely bullish. After touching $19.54 levels it tested the first resistance, however, left the support level untested and began rallying upwards. On the hourly chart, the coin is consolidating between $19.51 and $19.80 levels.

https://in.tradingview.com/

Market Indicators

Relative strength Index: The RSI is currently moving down towards 50 levels and perhaps has the potential of moving further down showing minor price weakness.

Fibonacci Retracement levels: 23.6%: $17.72, 38.2%: $18.12, 61.08%: $18.78

Major support level: $18.45

Major resistance level: $19.85

https://in.tradingview.com/

Conclusion

The strong buy region ranges somewhere between $18.08 and $19.01. Contrary to it the major sell region ranges between $19.08 and $19.85 levels.

Chainlink

Link is currently trading at $26.68 level, up by 13.88%. The market structure of Chainlink has been discussed further.

Link, started off the day at $25.04 levels, reached early intraday high at $26.04 levels, before sliding to an intraday low at $25.30 levels. Testing the first major resistance level at $26.10 level, Link trembled across and reached to a low of $25.24 levels. However, it regained it momentum owing to investors support and has made a bullish move since. On the hourly chart, the coin touched its intraday high at $26.80 levels and has been consolidating.

Looking at the current momentum, Link is most likely to breakout on the upside.

https://in.tradingview.com/

Market Indicators

Relative strength Index: The RSI is currently moving down towards 55 levels, and has a potential to move upwards.

Fibonacci Retracement levels: 23.6%: $23.14, 38.2%: $23.84, 61.08%: $24.95

Major support level: $24.39

Major resistance level: $26.99

https://in.tradingview.com/

Conclusion:

Link’s strong buy region extends from $25.23 and $25.84 levels. The major support level sits at $25.85 levels, falling below which will bring the second major support level at $25.44. The sell region is between $26.25 and $26.77 levels.

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