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Uniswap had seen bullish price action in the month of October which had then extended to even the mid of November. Ever since that, the coin has retraced and formed a bearish price pattern. At the current price level, Uniswap has been trading at a multi-month low price level. At the time of writing the coin was available for $14.47 and had registered a 7% fall over the last 24 hours.
UNI/USD Four-Hour Chart
Although Uniswap had attempted to breach the bearish price movement, the coin encountered strong resistance at the 50% Fibonacci Level.
After being rejected at that level, the bulls had completely taken over the market. The immediate resistance mark stood at $18.82 and the local support rested at $14.39.
Buying strength remained low over the past few days as seen on the Relative Strength Index. Chaikin Money Flow also remained below the half-line which meant that capital outflows were more than capital inflows.
The On Balance Volume also confirms the same that selling pressure remained dominant in the market.
SUSHI/USD Four-Hour Chart
Sushiswap depreciated on its chart by 6.1% over the past day and was available for $5.63. From a look at the below chart, it is visible that Sushi was out of steam. The coin displayed a descending channel (in white) which meant that the token was on a downtrend.
Sushiswap despite forming a double top on December 6, couldn’t hold onto the momentum anymore. The coin met with a sell-off and had resumed its bearish thesis. Sushiswap will have a hurdle moving past its 23.6% Fibonacci level. A fall below the current price level would mean the token would be priced at $5.11. Other resistance points stood at $8.29 and $10.19 respectively.
Selling pressure was more than the buying pressure as seen on the Relative Strength Index. MACD also indicated that the coin was headed towards a bearish crossover as the green histograms were declining.
COSMOS/USD Four-Hour Chart
COSMOS was exchanging hands at $21.66 at a loss of 7.4% over the last day. Of late the coin recorded lower troughs, one after the other. As seen on the chart, the coin had formed a descending triangle, solidifying a continued downward price action. Over the last 72 hours, COSMOS displayed a double bottom, indicating intense selling pressure and prices dropping below the support line of $21.85.
Immediate resistance for the coin was at $26.03 and then at $30.55. The Relative Strength Index was below the half-line highlighting excess sellers in the market. MACD displayed bearish crossover and red histograms further validating a negative price action. On the flip side, Chaikin Money Flow pointed towards a recovery of capital inflows at the time of writing.
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