Not many altcoins can boast of an impressive performance within the last 24 hours or week. But for Core (CORE), Chiliz (CHZ), and Uniswap (UNI), that was not the case as the tokens outperformed a sizable number of cryptocurrencies in the market.
As of this writing, COREs price increased by 9.95% in the last 24 hours. For CHZ, its value jumped by 16.45% within the same period. However, UNI blew minds as it registered a 42.20% increase in the last seven days. Considering these stunning performances, Coin Edition assesses if the price action can keep moving upward.
Core (CORE)
According to the 4-hour CORE/USD chart, the token hit a ceiling of $2.55 before the uptrend was rejected. Resistance at the aforementioned price ensured that CORE dropped below $2.20. Furthermore, Coin Edition looked at the Bollinger Bands (BB).
At press time, the BB had expanded, indicating high volatility around the CORE token. Also, the upper band of BB tapped CORE at $2.18. This indicated that the token was overbought. With this trend, there is a chance that CORE could drop to below $2.00.
Besides the Bollinger Bands, the Relative Strength Index (RSI) also confirmed that CORE was overbought, and that was the reason the price tumbled. From the look of things, a recovery to $2.50 might be unlikely in the short term.
Chiliz (CHZ)
The chart below showed that bulls formed a support for CHZ at $0.11, and this was instrumental to the breakout as the price ran to $0.13. However, there was resistance at $0.12 but buying pressure was intense to keep bears out of the way.
Despite a slight retracement, a bullish engulfing candle appeared, suggesting that CHZ could head toward $0.15. The Awesome Oscillator (AO) also shared a similar view as the reading was positive. The state of the AO indicated increasing upward momentum, and this could foreshadow a higher price for the token.
Uniswap (UNI)
The approval of the Ethereum (ETH) spot ETFs was one of the reasons UNIs price pumped during the week, But apart from that, the token experienced a surge in buying pressure which led it to hit $11.50.
At press time, UNIs price was $11.24. But the Exponential Moving Average (EMA) still showed a bullish trend. As of this writing, the 20 EMA (blue) was above the 50 EMA (yellow), forming a golden cross as far back as May 16.
Going by this position, UNI still had the potential to move upwards. Should this position remain the same, the value of the token might hit $12 or $13 within a short period.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.