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SHIB, LINK and Uniswap Price Analysis

As the Ukrainian situation progressed, the global cryptocurrency market took a precipitous tumble down the charts. However, the market has been recovering from the slump during the last few hours. SHIB, LINK, and UNI all recovered in identical fashion the day before.

Shiba Inu (SHIB)

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Shiba Inu (SHIB) found vital support around $0.00001743 on 22 January following the December market slump. The coin, which has been trading in a range, saw a strong rally, reaching resistance at $0.00003511 on 8 February. However, from 17 February, SHIB has been continuously declining until the previous day, when the alt finally retested the $0.00002093 support level.

As a result of the market’s significant decline due to the escalating war between Russia and Ukraine, SHIB fell from $0.00002741 to $0.00002093 the previous day. However, during the last few hours, the market has been able to retrace its steps, and the alt has been able to recover thanks to supportive purchasing pressure. After recovering from oversold territory the previous day, the RSI wavered at 46.40. It was confirmed by the AO, which surfaced over the zero line after recovering from the depths.

Chainlink (LINK)

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Chainlink (LINK) began reclaiming its chart position on 23 January, when the altcoin fell to $13.63 following the December crash. From there, LINK rose in an ascending channel and struck a resistance level of $19.40 on 7 February.

Since then, the altcoin has been declining. The LINK bears pushed the coin lower and despite a violent sell-off, the altcoin found support at the $11.68 mark. However, the market has recovered significantly during the last few hours. At the time of publication, the alt was trading at $13.53. The RSI remained relatively stable at 61.56, but the MACD indicated a bullish crossover above the zero line.

Uniswap (UNI)

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While Uniswap (UNI) was impacted by the December crash, it was able to recover by mid-December. However, by the end of January, the bears had taken control and pushed the coin south, where it found support on 24 January at $9.71. UNI, like the aforementioned coins, has risen since then, reaching resistance at the $12.89 mark on 8 February.

Since then, UNI has been in a downtrend (yellow), indicating consecutive lower highs. The alt regained support at the $8.46 level and recovered, but before breaking through the trendline resistance, it suffered another severe loss before recovering in the last few hours.

The RSI was 49.72 and appeared to be decreasing again, while the OBV line remained sideways. To overcome the trendline resistance, a solid purchasing support would be required.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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