Uniswap, MATIC Price Analysis: July 12, 2021

By John Isige
Published July 13, 2021 Updated July 13, 2021
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Uniswap, MATIC Price Analysis: July 12, 2021

By John Isige
Published July 13, 2021 Updated July 13, 2021
  • Uniswap holds onto critical support at the 100 SMA amid a battle to avoid further declines under $20.
  • MATIC price may plunge to $0.73 if overhead pressure keeps surging under $1.

The week’s trading in the cryptocurrency market seems to be progressing in decline after buyers lost steam across the board. Bitcoin has a bid for $40,000 but lost steam at $34,500. At the time of writing, BTC trades slightly above $33,000 in the wake of a 4% loss in 24 hours. The rest of the market is in the red, with considerable single-digit losses.

Uniswap:-

Uniswap price has corrected beneath an ascending parallel pattern’s lower edge support. Moreover, closing the day under $20 introduced a new perspective on how the week’s trading may continue.

The 50 Simple Moving Average (SMA) on the four-hour chart provides immediate support at writing. Uniswap trades at $19.5 but may stretch the bearish leg further the short-term anchor shatters.

According to the Moving Average Convergence Divergence (MACD) indicator, Uniswap is bound to keep dropping in the near term. The technical tool has a vivid bearish call that came into the picture when the 12-day EMA closed the day above the 26-day EMA. Note that the buyer congestion at $18 and $15 will come in handy if bulls are overpowered.

UNI/USD four-hour chart

UNI/USD price chart
UNI/USD price chart by Tradingview

MATIC:-

Polygon is starting another chapter, only that this time it’s bearish under $1. Following the formation of a descending triangle pattern, MATIC gears up for a 28% dip to $0.73 (a zone close to May’s support).

Meanwhile, the token teeters at $0.99 after losing the critical support at $1 and risking a huge downfall. A bearish moving average cross suggests that the slightest resistance path is downward. In addition to that, the MACD has a minor bearish signal based on the four-hour chart.

MATIC/USD four-hour chart

MATIC/USD price chart
MATIC/USD price chart by Tradingview

It worth noting that the bearish outlook will be invalidated if support at $1 is reclaimed in the short term. Settling above this level will purge Polygon’s market of bearish calls to $0.73 while allowing more buyers to return into the market amid speculation for gains toward $2.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Isige
1152 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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