Although Bitcoin is struggling to form a bottom, altcoins are on a roll and the current price action could benefit UNI & XLM. Bitcoin has seen an uncertain recovery but some altcoins have risen sharply in the past week. This suggests that investors are taking advantage of the sharp fall in the price to accumulate altcoins at lower points.
BTC
Bitcoin’s relief rally is facing stiff resistance near $22,000 as seen from the long wick on the June 26th candlestick. This specifies that the bears are not ready to give up their advantage and are selling on rallies. The sellers will try to pull the price toward the vital support of $20,000. This is a vital level to watch out for because a bounce off it will suggest that bulls are trying to form a higher low.
UNI
Uniswap rebounded sharply from $3.33 on June 18th and has reached the stiff overhead resistance at $6.08. The bears are defending the level aggressively but a slight positive is that the bulls have not given up much ground. The moving averages are close to completing a bullish crossover and the RSI is in the positive zone, indicating that the path of least resistance is to the upside. If buyers drive the price above $6.08, the bullish push could pick up and UNI could rally to $8.
XLM
XLM has been in a strong downtrend but the bulls are trying to form a bottom near $0.10. The buyers pushed the price above the 20 day EMA of $0.12 on June 24th but could not clear the hurdle at the 50 day SMA of $0.13. A slight positive is that bulls have not allowed the price to slip back below the 20 day EMA of $0.12. If buyers drive the price above the 50-day SMA, XLM pair could attempt a rally to the overhead resistance at $0.15.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of CryptoNews. Every investment and trading move involves risk; the reader should conduct their own research when making a decision.
