Market weakness had set in at the time of going to press, and altcoins began to move south on their charts. Cardano fell 4.0% despite the fact that the price was able to see an upward trend as the indicators remained slightly bullish.
Uniswap fell a whopping 10.9% while trading near its multi-month lows. Eventually, NEO’s sell-off resulted in an 8.2% decline. This in turn could lead to altcoin trading within the undervalued zone.
Cardano was down 4.0% on its chart, trading at $ 2.19 at press time. ADA had just broken below its $ 2.20 support line, the next immediate price floor for the coin was $ 1.97 and then $ 1.83. The latter marked a multi-week low for the altcoin. However, its parameters remained somewhat bullish.
the Great oscillator flashing green signal bars. the Chaikin money flow stayed above the half-line as capital inflows were positive. the MACD green histograms also flashed. The 4-hour chart showed that the price momentum was in line with that of the buyers as ADA’s price moved above the 20-SMA.
If the above bullish thesis is correct, ADA’s upward momentum would encounter resistance at its weekly high of $ 2.45 and then at $ 2.60.
Uniswap crashed 10.9% in the past 24 hours for $ 19.06. Immediate support was at $ 18.89 for the altcoin. On the four-hour 20-SMA, UNI’s course was below that. This meant that the price momentum tended towards the sellers in the market.
the Great oscillator red flashing signal bars. The MACD went through a bearish crossover and showed a red histogram. Finally, that Relative Strength Index stayed above the oversold zone as it tried not to go below it.
When buying pressure recovers, price can also be a positive outcome. In this case, the immediate resistance for Uniswap would be $ 21.93 and then $ 25.72.
NEO just fell through its support level of $ 40.70 when the altcoin was trading at $ 38.55. If its price depreciates further, the Alt could trade near its multi-month low of $ 34.81.
The Awesome Oscillator showed red signal bars. The MACD also noted a red histogram after a bearish crossover. Eventually, the Relative Strength Index was below the 50 mark as it neared entering the oversold zone.
On the other hand, if NEO moves up, the first level of resistance would be at $ 44.09. After that level, the altcoin could trade at $ 49.45 and then $ 50.01.
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