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Sirwin

UNI and DOT Drop After Scoring New All-Time Highs - (TA - 15th of March)

By 0xJonnyDee | My Technical Analysis | 15 Mar 2021


The Uniswap (UNI) price reached a new all-time high on March 8 but has been decreasing since.

Similarly, Polkadot (DOT) has been falling back since reaching its all-time high on Feb. 20.

 

New All-Time High for UNI

UNI has been on an extended upward move for the entirety of 2021. On March 8 it reached a new all-time high price of $34.92. 

However, it generated some bearish divergence and has decreased slightly since. 

The Stochastic oscillator has made a bullish cross, and the MACD is still positive despite some decreasing. 

Therefore, it’s still likely that the long-term trend is bullish.

 

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UNI has fallen below the retest levels since. Short-term indicators are bearish, so it’s possible that UNI will continue to decrease. 

If so, the next closest support area is found at $28. This level also coincides with an ascending support line.

Afterwards, a breakout and new all-time high would be expected.

 

cb3bdb685e0a61211f223da4ca63ac9ff2e5d4bc20eccc9b52e188248398eff9.png

 

DOT Lags Behind

DOT has also been on a downward path since Feb. 20 when it reached a new all-time high of $48.20. 

Unlike UNI, technical indicators in the daily time-frame are bearish. 

If DOT were to keep falling, the closest support levels would be found at $27.95 and $23.50. These are the 0.382 and 0.5 Fib retracement levels of the previous upward movement.

 

f3c87312c0c4f8825a97e23e0cd3a559fd0fa2482c42f87ee9eaad71c482736d.png

 

The six-hour chart shows a potential breakdown from an ascending support line.

If this is a zig-zag corrective structure, DOT could decrease all the way to $23.70. 

This fits with the 0.5 Fib retracement level from the previous chart. In addition, it would give waves A:C a 1:1 ratio.

The MACD and RSI support this possibility.

 

6b8cee02e4274f7b1e8ad878c3e1ab3fc0b485369df75f3a94a9b52e44b76fba.png

 

Conclusion

While both UNI and DOT are expected to eventually reach new all-time highs, a short-term drop is expected first. The drop is likely to be sharper for DOT than it is for UNI.

 

Where do you think the UNI / DOT price is going? Leave a comment and let's get some dialogue going! If you like this type of content, consider following me here and leaving a tip. 

Also if you are on Twitter, why not give me a follow and start some conversations? You can find me here - https://twitter.com/dizzlecrypto.

Until next time, stay classy crypto world!

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0xJonnyDee
0xJonnyDee

A Crypto Marketing Wizard with over 7 years experience. Former Marketing Manager at CoinMarketCap. Feel free to get in connect with / content me on - Twitter - https://twitter.com/0xJonnyDee


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