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?
Litecoin (LTC)
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.
Decentraland (MANA)
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.
Uniswap (UNI)
Source: UNI/USDT on TradingView
Uniswap also formed a range (yellow) on the charts, with the lows and highs at $6.69 and $7.2 respectively. At press time, the mid-point of the range at $6.94 served as resistance. The RSI was at neutral 50, and momentum did not favor either side.
The CVD continued to post red bars to highlight the dominance of the sellers. The Fibonacci levels plotted for the drop from $8.36 to $6.53 showed that a retest of $7.66 is a selling opportunity.