Selling pressure on Bitcoin was felt across the market. Monero and Maker noted bearish pressure, but were trading within a longer-term range, while Uniswap was forced to cede multiple levels of former support levels to the bears.
Monero [XMR]
Source: XMR/USDT on TradingView
Since late February, XMR has bounced between the $198 and $230-levels of support and resistance. The previous week saw XMR climb past $230 and touch $238, but selling pressure forced the coin lower to $210.
The $215-level could still halt the descent of XMR, but this also depends on Bitcoin staying above the $52k-mark.
The technical indicators for XMR did not paint a very hopeful picture for XMR. The Chaikin Money Flow was below -0.05 to show significant net capital flow out of the market, marking strong selling pressure. The Awesome Oscillator was below the zero line as well and denoted bearish momentum.
A revisit to $198 would present an opportunity to buy XMR, and the XMR/BTC pair was in consolidation as XMR/USD pair chopped about the $215-level.
Uniswap [UNI]
Source: UNI/USDT on TradingView
UNI shed close to 24% of its value in the last 48 hours. It dropped as far south as $25.7 in recent hours, but at the time of writing, had seen a bounce to $27.4. There was a level of former support turned resistance at $27.5, and a region of supply at $27.9-$28.
The RSI and Stochastic RSI were in oversold territory on the hourly chart, and on the 4-hour chart as well, with the RSI noting a value of 30. This could see a relief bounce for UNI in the short-term, one as high as $28. Another move lower seemed likely, while a recovery would also be dependant on sentiment surrounding Bitcoin.
Maker [MKR]
Source: MKR/USDT on TradingView
MKR has been ranging between the $1,800 and $2,400 mark for the past month. Recent bearish pressures on the market did not force MKR below $1,800, a level it defended well in recent hours. This level also represents the 50% retracement level for MKR’s surge to $3,100, further strengthening this level as support.
This is a hopeful sign, and a revisit to the $1,800-mark can be a buying opportunity. The price continued to remain under the mid-point of the range at $2,060, indicating that bears were in control.
The Bollinger Bands width indicator was flat as the price floated above $2,060, and widened in recent hours as MKR dropped to $1,800.