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- 1 UNI and COMP exhibit a bullish overview, as the MACD shows a strong bullish cross.
- 2 The technical indicators for ELF display a bearish overview as the MACD started to converge.
Uniswap (UNI) recently experienced a tremendous advancement in its price, boosted by over 50%. This advancement came on the heels of a groundbreaking governance proposal aimed to strengthen the protocol’s decision-making systemized process and incentivize its UNI token holders.
The CMP price at press time was at $12.53596 with an intraday incline of 10.47%. The next resistance level for Uniswap is at $14.0, while the support level is at $11.33.
The technical indicators for UNI exhibit a bullish overview, as the MACD shows a strong bullish cross. Moreover, the RSI is at 88, has cut SMA from below, and has reached an extremely overbought territory on the daily time frame.
Compound (COMP) Shoes Strong Bullish Gestures
The COMP crypto is a token on the ERC-20 blockchain, which is powered by Ethereum. The Compound price has rallied upwards and has been building a higher structure.
The current price structure shows that the price is following a rally. The CMP is $69.91 and shows more capacity to incline. The next resistance level is at $80.0, while the support level is at $50.
Furthermore, on analyzing the COMP daily chart, it highlights that it is above the 20-day and 50-Day EMAs, and the RSI is at 74 and has reached extreme overbought conditions. These conditions show more incline is possible. The MACD exhibits a bullish crossover with a broad histogram, where the histogram is at 1.09.
AELF (ELF) On The Bearish Mode
Despite the other two cryptos we have covered in this article, the ELF has not shown a tremendous surge yet. It has been displaying signs of the violation of the uptrend as the price has surpassed its previous swing and is barely holding on top of the 20-day and 50-day EMAs.
The CMP is showing an intraday decline of 1.12% with the price at $0.621240 on the daily chart. Therefore, if the descent continues and slips past the dynamic supports of the EMA or $0.59000 level, the fall could be drastic. However, if the price turns around from the dynamic supports, the bigger aim for the price could be to reach $1.0 and the resistance could be $0.70000.
The technical indicators for ELF exhibit a bearish overview, as the MACD started to converge, and a bearish crossover is anticipated next in the upcoming sessions. Moreover, the RSI is below 14 SMA at 52 and has cut SMA from above. It shows that it has a higher probability of plunging on the daily time frame.
Summary
The Uniswap and Compound Crypto are following a bullish rally, while the ELF crypto price structure signifies a pullback. The technical indicators of these three cryptos confirm the respective trends and possible trend continuation as well.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
