ZB Market Daily: ETH, DOGE & UNI technical daily analysis
Yesterday, Nexon, a South Korean-Japanese video game publisher made a public statement that the company has made a purchase of 1,717 bitcoins at an average price of around $58,226.
The total worth of bitcoin was valued at $100 million at the time of purchase .
Nexon joined the lites of Square, Tesla and Micro Strategy as a cooperate entity investing into bitcoin .
From a fundamental perspective, as demand rises , price increases due to fear of missing out in the crypto industry as many anticipated that the crypto industry is still on the its early stage. This institutional demand stabilizes the trading volume yesterday at $231,560,021,147 with Bitcoin and Ethereum dominance at BTC 47.3% and 14.6% respectively.
As cooperate institutions accumulate Bitcoin, the leading digital asset, BTC price consolidated with a range bound of $55542.41 and $54157.25 yesterday which gave rooms for some Altcoins to rally yesterday such ETH, DOGE, and UNI etc.
Yesterday, ETH continued its bullish momentum to the north and soared to a new all-time high of $2755.57.
During the Asian session yesterday, ETH price dipped to a higher low at $2566.88 with a bearish pin bar on the EMA crosses as a dynamic resistance. ETH price penciled on the trend line mark red on the modified Schiff pitchfork as diagonal support to climb to the upside.
More so, the upper green channel acted as a resistance as traders booked for profit at each occasion ETH price tested this trend line but got pulled back.
ETH closed the daily session with a bullish pin bar on a horizontal support of $2662.32.
RSI is at positive territory of 68 mark. The relative strength index is in ascending bullish wedge pattern which shows bullish pressure on the ETH price.
In the next few session as momentum and volume increases, ETH will extend its rally to a new all time high as the bulls steered at the 3k psychological price range.
Yesterday, DOGE rallied by 30.16% to a high of $0.3456. DOGE price printed an inverse head and shoulder market pattern since 24th April. This was bullish sentiment towards the meme token.
The bulls defended $0.2628 support during the early hours of the Asian session. With buying pressure, DOGE price broke the EMA crosses and the 20 period SMA simultaneously to a high of $0.3142722. With the bullish momentum, DOGE price rose to an intraday high of $0.3456375.
DOGE price created lot of rejection wicks in previous session at this level. Based on bearish sentimental bias, traders booked for profit which caused DOGE fall to a low of $0.3051343, Doge price ranges on the small time frame with range bound of $0.3051343 and $0.3273.
This range with be the area of concentration in the next trading session.
From bullish perspective, Doge price created a higher low at $0.3051343. If the bulls thrust Doge price above $0.3273411, DOGE price will revisit an overhead resistance at $0.3793466 before another round of pull back.
But on the contrary, if the bulls fail to defend $0.3051343 during the Asian session, DOGE price would probably retest the previous broken resistance at $0.2795958 as the RSI downtick to the neutral territory.
Uniswap v3 that is going to be Launched on May 5 with up to 4000x Capital Efficiency has been fueling the Bull Run for the UNI price since the announcement was made.
UNI price extended its rally by 9.45% after creating a bullish flag on Wednesday. It was a big combat between the bulls and the bears during the Asian as they wrestled with UNI opening price at $39.4027 with evidence of rejection wicks both to upside and downside.
The UNI price broke a bullish flag with strong engulfing candle in the 4-hour time frame. This ignited traders’ risk appetite to be turned on.
UNI rallied to all time high of $43.8610 as of the time of writing. A pull back is expected in the day ahead if the first 4 hours of the Asian session printed a bearish candle below $41.6553 price level at the upper band of the Bollinger bands. RSI is marked at 75 in the over-bought territory as sign of correction is near.
This will enable a healthy uptrend market structure to be created before the launch of the V3. Traders can position their buy orders at $41.6553 in anticipation for another round of rally.
About ZB Group
ZB Group was founded in 2012 with the goal of providing leadership to the blockchain development space and today manages a network that includes digital assets exchanges, wallets, capital ventures, research institutes, and media. The Group’s flagship platform is ZB.com, the industry leading digital asset exchange. The platform launched in early 2013 and boasts one of the world’s largest trading communities.
ZB Group also includes ZBG the innovative crypto trading platform, and BW.com, the world’s first mining-pool based exchange. Other holdings include wallet leader BitBank.
Industry intelligence and standards are headed by the recently launched ZB Nexus who embody the core values of ZB Group and open-source their reports and analysis for the public.
Learn more about ZB Exchange by visiting www.zb.com.