Polkadot targeted $ 23.6, surpassing the narrow range it traded in the past weeks. Uniswap, on the other hand, showed a downward trend after its strong performance since November.
Polkadot (DOT) price analysis
Polkadot has been trading in the range of $ 14.95 to $ 18.25 since mid-January, and has experienced a breakout in the past few hours that resulted in exceeding that range.
The Directional Movement Index continued to signal a bullish trend that started when the DOT was just below $ 18 and continued as the ADX was above $ 20.
The trading volume was also strong during the breakout, and the DOT bulls could push the price up 62% from $ 7.1. This predicted the $ 23.6 mark as a target, and some sales can be expected to take place for profit-taking purposes.
Uniswap (UNI) price analysis
Since November, Uniswap’s movement in the market has only been upward. There were some small retreats and it turned out that the UNI was trying to ripen for another rise.
A bearish cross was seen between price and momentum (RSI) on the 4-hour chart. This differentiation indicates that the coin is more likely to withdraw, but does not emphasize when. The formation of a high trading volume Doji candle could be an early indicator of a short term reversal.
This bearish divergence was seen in both shorter (1 hour) and longer (6 hour, 12 hour) time frames, strengthening the possibility of retracement for UNI. The coin can expect to find support in the $ 19 zone and $ 17.4.