The market seems to be very volatile this week. Today, Bitcoin hits its major support level of $30,000 – $31,000. Grayscale unlock might be the reason for this. Thousands of Bitcoins are going to unlock in the coming week, the market seems to be much volatile next week also. Alts didn’t show much significant moves, except NFT based coins/ tokens. Almost all NFT tokens were given a major up move.
UNI is currently trending below the 50 period EMA (Exponential Moving Average). Earlier, the price took a retest from the EMA line and saw a strong sell-off. $13.5 – $15.3 is the strong level of support on the daily TF (timeframe). Price is now dumping and can take bounce from that zone. Alternatively, if the price broke this major support, the next support is around $9.
LINK has broken its strong support ($16.0 – $17.6) level on daily TF with a close below candle. RSI is also about to hit its oversold condition. If Bitcoin doesn’t give any significant move in upside, LINK is expected to fell till $12.5 – $13.4. Price is also strong trending below 50 period EMA, which seems to be strongly bearish.
ETC took a major correction from its ATH around 82%. Price is currently entered its strong support area. Bears are a bit strong in the case of ETC. Price is also trading below the 50 period EMA and reached it demand zone. You can expect some reaction from here if Bitcoin didn’t make a major down move.