While publishing this post, the crypto market hovered in the red. The past 48 hours had Bitcoin breaking under the $50K level. That had top altcoins losing their market value or trading within a confined range. Meanwhile, Uniswap secured minor surges as UNI trades between local support and overhead resistance, translating to consolidative movements.
Meanwhile, Convex Finance’s increased buyers had the alternative coin targeting the psychological ceiling at $50. CVX gained a staggering 28.7% within the last seven days.
UNI/USD 4Hr Chart
Uniswap traded around the $18.21 mark at this content publication. That is after a slight 1.7% 24hr gain. Meanwhile, UNI hovered in a constricted range with support at $15.44, while the closest resistance was $18.83.
Uniswap had reclaimed momentum over the last few days. However, the alt entered its sideways trading amid weakening strength by the broad market. Also, December saw UNI forming a rounding bottom that highlighted possible climbs.
The Relative Strength Index saw a slight drop. However, the indicator remained beyond the half-line, suggesting positive buying momentum. Chaikin Money Flow (CMF) showed bullishness, with capital outflows exceeding inflows.
Nevertheless, the ADI flashes a weakened price trend, suggesting possible northbound price actions in the session to come.
CVX/USDT 12Hr Chart
Convex Finance trades around $46.42 at this writing. That came as the alt overcame the $34.82 price ceiling within the past 24hrs. The alt has its target at the $50 psychological area. On the other hand, CVX’s support sat at $34.82, then $21.25.
Meanwhile, short-term technical suggest bullishness for Convex Finance. Indeed, the altcoin has shown a solid upswing over the past two months. CVX attracted increased buyers after Binance’s listing some days ago.
The RSI confirmed the same beneath the $75 mark, suggesting surplus buyers in the marketplace. On-Balance-Volume (OBV) also affirmed surging buying power with consistent rises within the last few days.
Finally, the DMI indicated bulls’ favoritism as +DI stayed beyond the –DI. Moreover, ADA confirmed strengthening the price trend.
What are your views about the current crypto market situation? Will Bitcoin support uptrends or ruin the recovery party? You can share your opinions in the reply section below.
