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October 31, 2020
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Guide & Analysis

Crypto market analysis: Bitcoin, Uniswap and Ethereum

Bitcoin, Ethereum, Ripple: cryptocurrency market in a bloodbath after withdrawing withdrawals at OKEx.

A bearish wave swept the cryptocurrency market like a tsunami this Friday (16), leaving most cryptocurrencies in the red. Bitcoin, as reported, plummeted to $ 11,200 after losing $ 300 in minutes. The unexpected sale is reflected by the drop in total market capitalization from $ 364 billion on Thursday to the current $ 356 billion. On the other hand, 24-hour turnover increased from $ 78 billion to $ 85 billion.

Uniswap price analysis: UNI values ​​18% after OKEx suspend withdrawals

The incredible price action after the OKEx communication reached a barrier formed by the confluence of the 100 simple moving averages (SMA) and 200 SMA. However, an upward divergence from the Relative Strength Index (RSI) shows that buyers are still at an advantage. If the bulls can turn the confluence into support, UNI may resume the upward trend to $ 3.8. Unfortunately, buying pressure is easing.

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Ethereum price prediction: Rejections in main resistance forces ETH to consolidate – Confluence detector

Between 2 and 5 September, Ethereum fell from $ 475.85 to $ 335. Since then, the smart contracting giant has gone through a period of consolidation before finding support in the 100-day SMA and jumping from $ 342 to $ 389 between October 7 and October 12. Since then, buyers seem to have run out of breath near the $ 385 resistance line and have entered another period of consolidation.

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Source: FXStreet

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