Litecoin, Decentraland, Uniswap Price Analysis: 04 May
The altcoin market posted relatively high losses in the past few hours as Bitcoin saw a brief dip beneath the $38k mark, to post a low of $37.5k. This sent a ripple of fear across the market, but Bitcoin was attempting to flip $38k back to support at the time of writing.
Litecoin, MANA, and Uniswap posted gains of around 3% during this bounce, but their market structure still had a bearish bias. Now, the question is- Can they break past the imminent resistance levels over the next 12 hours?
Source: LTC/USDT on TradingView
In yellow is highlighted a range Litecoin has formed over the past few days. The mid-point of this range at $98 has served as support, and at press time Litecoin was climbing toward the $101 resistance level.
It would be a bullish development if LTC can climb past $102 and retest the $100-$101 as support. However, even though the MACD formed a bullish crossover and was on the verge of crossing back above the zero line, a breakout might not lead to further gains.
While LTC has traded within this range, the OBV was on a downtrend to show selling volume to be stronger than buying. Hence, rather than accumulating, market participants were selling the retests of $101.
Source: MANA/USDT on TradingView
On the 2-hour chart, we can see MANA form a falling wedge pattern and fall to the $1.3 demand zone (cyan box). Since this drop, the price has formed lower timeframe higher lows, and higher highs.
Once more, the MACD was on the verge of showing a buy signal, and it could show strong bullish momentum if MANA can manage to push past $1.6. However, the A/R line did not show strong buying volume in the past couple of days.
Therefore, it was possible that MANA would revisit the $1.3 demand zone once more.
Source: UNI/USDT on
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