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ETH, BTC, UNI, BNB, LRC Sparks Light of Recovery amid Bearish Crypto Market

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VOC, Voice of Crypto, BTC

The direction of the general crypto market has been choppy of late. The bitcoin price oscillates between the $22,000 and the $18,200 mark, pulling most other cryptocurrencies up and down.

Most of these cryptocurrencies are still in recovery from the aftermath of the FED rate hike. While some have rebounded and are now trending upwards with healthy prices, the rest have suffered immensely and are struggling to keep up with the rest of the crypto market.

Among the top cryptocurrencies over the past few weeks, here are a few whose price actions are worth noting

Ether (ETH)

Ether started September on a good note, with strong prospects of breaking through the $1,800 mark and moving on to the $2,000 support. The hype and speculation from the upcoming merge with the beacon chain at the time also fueled this price movement.

However, right after the Ethereum merge, the price of the cryptocurrency collapsed from its high of about $1,720 to lows of around $1,250. After hitting its lows around the $1,250 zone and bouncing off, the price of ether appears to be trending upwards again.

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Crypto Chart showing price action of ETH versus USDT 

Crypto Chart showing price action of ETH versus USDT | Source: Tradingview

The RSI on the 4-hour timeframe shows neutral conditions, the possibility of a new price upsurge in the coming weeks, and a speculative October for the cryptocurrency.

Bitcoin (BTC)

The price of bitcoin has remained choppy for a while, confusing investors and traders alike. Bitcoin appears to be moving from two support zones, bouncing off $22,000 to $18,500.

Crypto Chart showing price action of Bitcoin versus Tether

Crypto Chart showing price action of Bitcoin versus Tether | Source: Tradingview

The bitcoin price is currently hovering around neutral grounds in the $19,200 zone, meaning that the price could either go up or down, depending on the general market sentiment in the coming days.

The RSI on the 4-hour timeframe also shows neutral conditions with no crossover yet, further bolstering this point.

Uniswap Token (UNI)

Uniswap token, like others on the market,  had a rocky September. However, the price outlook on UNI has been relatively normal compared to the others on the market.

Price chart showing action of UNI in descending channel, and RSI conditions

Price chart showing the action of UNI in descending channel and RSI conditions | Source: Tradingview

The price of UNI appears to be trading in a descending channel and has tested resistance around the $6.66 zone twice now.

A breakout to the upside seems likely, but not just yet. The RSI on the 4-hour timeframe only appears to be normalizing from the overbought conditions that caused the last resistance test.

The price of UNI is likely to retest the $5.85 level before we see another leg upwards and a possible breakout.

Binance Coin (BNB)

The price of the Binance coin appears relatively stable compared to the of other cryptocurrencies on the market.

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BNB Price chart

BNB Price chart | Source: TradingView

Like the Uniswap token, BNB appears to be trading inside a descending channel and has tested resistance twice around the $285 zone.

According to the RSI readings, the bulls are still in control as there has been no bearish divergence. This points to the possibility of BNB breaking the $285 resistance in the coming weeks and heading straight for the $300 mark.

However, if the bears win the fight, the price of BNB could very well drop to the $257 zone.

Loopring (LRC)

Loopring’s price action appears to have been confined to a bullish wedge since mid-August.

LRC price chart

LRC price chart | Source: TradingView

After bouncing off the $0.2816 support two days ago (27 September), the price of LRC has rebounded upwards and is currently testing the upper resistance around the $0.3086 level.

If the bulls show some of their strength, a breakout to the upside, a retest of the $0.308 level, and then powerful upward momentum to the next major resistance around the $0.37 level.

 

 

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Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR  (do your own research)

 

 

 

 

 

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Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

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