Crypto analyst Aaryamann Shrivastava says UNI is facing tough times. According to analyst Flipi L, the price of this altcoin is still at a 20% risk of falling. Also, the analyst warns investors about BNB price action. Analyst Lockridge Okoth says there are bad signals from the popular meme coin Dogecoin. Crypto analyst David states that RDNT has broken critical support.
Uniswap price hits new lows
UNI price traded at $4.9 and lost the psychological support level of $5. This was also the lowest point the altcoin has fallen to in the last six months. Marking a new low on May 24, UNI is currently approaching the November 2022 low of $4.8. So, if the altcoin continues to drop, it will likely hit a 12-month low.
The reason this is worrisome is that usually the price drop has a lot to do with its investors. Either token holders turn down and sell their holdings to make up for losses during bear markets, or stop trading on-chain until conditions improve.
However, for Uniswap, this is not the case. This is evident in the fact that DEX has observed increased activity since the beginning of the year. The month of April recorded the highest amount of ETH burned in gas fees compared to other top-tier protocols on the Ethereum Blockchain. Combined activity in Uniswap in the first quarter of the year resulted in the burning of more than 29,333 ETH of gas. This equates to more than $52 million. As a result of recent assessments, UNI price may struggle to stay above November 2022 lows as long as Bitcoin price remains bearish.
This altcoin price tends to drop another notch
Phantom price took a hit, down 10% in the last trading sessions. However, the pain is not over yet. It’s like the bears are coming in here to kill while the bulls run towards the hills. The Relative Strength Index (RSI) is oversold. However, the bears have little or no resistance from the bulls to take this sale to the next level. FTM is therefore ready to be knocked out. With this knockout move, it is possible to drop by 20% to $0.26. Undoubtedly, once $0.30 is removed, there will be a soft and rapid decline to $0.26. .
Upward movements are only possible with some positive headlines from global markets. The biggest driving force right now, cryptocoin.comThe stalemate US debt ceiling debate you follow from . In case of a deal, we expect to see a flight into risk assets where FTM is ready to break out and bounce back above the key $0.36 level where the 200-day Simple Moving Average, the red descending trendline and the monthly S1 support line up.
BNB’s parent company needs to be cleared for salvation
Binance Coin investors disagree with parent company Binance LLC’s attempts to circumvent a Reuters report of mixing client and institutional funds. A clean and simple statement that Binance LLC and all of its affiliates will cooperate with any investigation will fly BNB higher. Meanwhile, BNB traders are penalized. That put BNB one foot down on Thursday. Pressure at $300 is possible due to the psychological structure, the 200-day Simple Moving Average (SMA) and May lows close to this level. Once it breaks that, expect a nose move of around 10% that will allow BNB to trade at $283, a crucial level in March.
There are many elements of support for the return. Therefore, the $300 level protection is possible. Don’t expect a big splash. However, a gradual recovery towards $320 is likely. This means that the red descending trendline near $306 has been removed and has seen a higher bounce to the 55-day SMA.
10% loss observed in Dogecoin price
DOGE price is consolidating in a tight range as the bulls and bears battle for control. Thus, the altcoin continues its bearish trend after three consecutive weeks. At the time of this writing, altcoin price is struggling with selling pressure from the 50, 100 and 200-day Exponential Moving Averages (EMAs), which continues to suppress any upside for DOGE. Therefore, a DOGE under selling pressure could drop further, causing it to revisit the March 11-12 lows of around $0.062.
The downward sloping Relative Strength Index (RSI) confirms this negative outlook. This indicates that buyers are leaving the market. Similarly, this momentum indicator DOGE points to a sell call. Presumably, this means more losses for the altcoin if investors listen. Moreover, the Parabolic SAR also broke above the altcoin price. This is generally considered a bearish sign.
On the other hand, if the buyer momentum depresses the bulls, Dogecoin is likely to rally to around $0.088. A decisive daily candlestick close above this level will invalidate the bearish thesis. Further north, Dogecoin is likely to reach $0.096, up 40% from its current position.
This altcoin has broken important support, what’s next?
Radiant Capital (RDNT) price has been trading in the $0.31-0.5 range since March 16, 2023. The price tested both the support and resistance of the range multiple times. RDNT resolved this range to the downside on May 11. Thus, it showed that the bears were taking control. Indeed, the price confirmed the breakdown by confirming the support of the range as resistance (red arrows) in the following 7 days.
Therefore, a drop to the next support level at $0.21 is possible for RDNT price. This corresponds to a 28% reduction from the current price. The RSI indicator has been rejected by the previous support line and is sloping down. Hence, it supports the possibility of further declines.
The most likely expectation is for RDNT price to continue to decline towards $0.21 in the near future. However, a rebound is likely to occur before we do so.
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