Bitcoin made a comeback on the charts over the past 24-hours, with the cryptocurrency trading close to its $38k-level of resistance. This, in turn, positively affected many of the market’s altcoins like Polkadot and Uniswap, with both alts registering hikes of up to 21 percent while DASH endured yet another price correction.
Polkadot [DOT]
Source: DOT/USD, TradingView
Polkadot was trading at around $13.7 with a market cap of $12.3 billion, making it the fifth-largest crypto in the market. In the past 24-hours, the coin was observed to have surged on the charts after registering a price hike of over 21 percent.
There has been a lot of bullish sentiment on DOT’s charts lately. However, the past two trading sessions, as per the 4-hour chart, indicated that it finally came across a bit of resistance around the $14.5-level. If the coin’s price sees a price correction, then DOT was likely to fall towards its immediate support at $9.4. There was also another strong level of support that DOT has tested in the past around the $7.8-level, however, such a move seemed unlikely.
The technical indicators for DOT both looked very bullish with the RSI well into the overbought zone, but making a move away from it. The MACD indicator also looked promising in the short-term as its MACD line continued to move above the Signal line.
Polkadot was recently in the news after the Plasm Network announced earlier in the week that it had successfully connected to Polkadot’s testnet Rococo V1 locally.
Dash [DASH]
Source: DASH/USD, TradingView
DASH was caught up in a spell of sideways movement. The coin saw its price fall by over 2 percent in the past 24-hours and traded at $128 with a market cap of $1.2 billion, at press time. During the course of the last 24 hours, DASH has traded strictly between the resistance at $137 and its immediate support around $122. However, if it were to once again journey to where its price was on 10 January, then it is likely to once again come in contact with strong resistance around the $150-level.
The EMA ribbons were ensuring that Dash’s price doesn’t slip any further after having settled below the press time trading price. Further, the MACD indicator showed that the price may see yet another correction after having undergone a bearish crossover.
Uniswap [UNI]
Source: UNI/USD, TradingView
Uniswap, at press time, occupied the 21st spot on CoinMarketCap’s list with a market cap of $1.8 billion. At press time, UNI was being traded at $6.7 after having seen a surge of 7 percent in 24 hours. The coin met a bit of resistance around the $7.1-level and can count on the supports at $5.9 and $5 if the price sees a correction.
Interestingly, the Bollinger Bands for the coin had widened significantly and indicated that the price was likely to encounter increased volatility in the short-term. The RSI indicator continued to remain within the realm of the overbought zone, but was making its way out of it.
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