Bitcoin price saw a short-term correction from the $93,450 zone. BTC is now consolidating gains near $87,000 and might attempt another increase in the near term.

• Bitcoin started a downside correction from the $93,450 zone.
• The price is trading above $87,000 and the 100 hourly Simple moving average.
• There is a connecting bearish trend line forming with resistance at $90,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start a fresh increase if it stays above the $87,000 zone.

Bitcoin Price Starts Downside Correction

Bitcoin price attempted more gains above the $93,000 level. BTC traded to a new all-time high at $93,435 and recently started a short-term downside correction.

There was a minor decline below the $90,000 level. The price even dipped below the $88,000 level. A low was formed at $86,621 and the price is now consolidating. It is slowly moving higher and trading near the 23.6% Fib retracement level of the downward move from the $93,435 swing high to the $86,621 low.

Bitcoin price is now trading above $87,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $90,000 level. There is also a connecting bearish trend line forming with resistance at $90,000 on the hourly chart of the BTC/USD pair.

The trend line is close to the 50% Fib retracement level of the downward move from the $93,435 swing high to the $86,621 low. The first key resistance is near the $90,850 level. A clear move above the $90,850 resistance might send the price higher.

The next key resistance could be $91,500. A close above the $91,500 resistance might initiate more gains. In the stated case, the price could rise and test the $93,450 resistance level. Any more gains might send the price toward the $95,000 resistance level.

More Downsides In BTC?

If Bitcoin fails to rise above the $90,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $87,150 level.

The first major support is near the $86,500 level. The next support is now near the $85,280 zone. Any more losses might send the price toward the $82,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 80 level.

Major Support Levels – $87,150, followed by $86,500.

Major Resistance Levels – $90,000, and $91,500.

Cardano (ADA) has been on a winning streak in recent weeks. Over the past seven days, the altcoin’s value has risen by 55%. It currently trades at $0.57, a price level last observed in April.

On-chain data shows that the spike in the coin’s value has delivered substantial gains to Cardano holders, much of which remains unrealized. However, as profit-taking intensifies, ADA may witness a pullback in the short term.

Cardano’s Rally Puts Many of Its Holders in Profit

Cardano’s market value to realized value (MVRV) ratio, which measures the overall profitability of all its holders, has returned only positive values over the past seven days. Per Santiment’s data, as of this writing, the altcoin’s 30-day and 90-day MVRV ratios are 25.70% and 43.87%, respectively. 

When an asset’s MVRV ratio is positive, it is deemed overvalued. This means that its current market price is higher than the average purchase price of its coins in circulation.

Due to this, investors holding profits may be tempted to cash out. This trend often results in a spike in selling activity as investors scamper to lock in their gains, driving down the asset’s price in the short term. 

Therefore, while Cardano’s positive MVRV ratio points to strong holder gains, it also highlights the potential for increased volatility. Some investors may decide to realize profits, putting downward pressure on the coin price in the near term.

Moreover, the fact that daily transactions involving the altcoin have returned more gains than profit over the past few days may be another reason why Cardano holders may be tempted to sell. BeInCrypto’s assessment reveals a sharp increase in the coin’s daily transaction volume in profit over the past seven days. 

As of November 13, this totaled 5 billion. That day, the ratio of daily on-chain transaction volume in profit to loss was 1.04, indicating that for every ADA transaction ending in a loss, 1.04 transactions returned a profit. 

ADA Price Prediction: Will Traders Resist the Urge To Sell?

Notably, according to IntoTheBlock, due to the price surge, 52% of all addresses holding Cardano are currently “in the money.” This means that 2.3 million addresses would be profitable if they were to sell their coins at the current market price. Conversely, 41.3% of all Cardano holders, comprising 1.86 million addresses, are “out of the money,” that is, they sit on unrealized losses. 

If the coin’s high profitability prompts many holders to sell their coins, it will put downward pressure on its price, preventing a continued rally toward the $1 price mark. Should selling pressure gain momentum, the Cardano coin price may fall toward support at $0.54. If this level fails to hold, its price may plummet further to $0.47.

However, if holders resist the urge to sell and double down on coin accumulation, it could drive the Cardano coin price above $0.60, setting the stage for a potential move toward its year-to-date high of $0.81.

Uniswap (UNI) price has struggled recently, dropping almost 5% in the last 24 hours and down 5.24% over the past week, despite Bitcoin’s recent surge. The recent decline highlights the weakness in UNI’s momentum, with technical indicators suggesting a cautious outlook.

Although EMA lines still show a bullish structure, the price slipping below short-term EMAs signals fading buying pressure. A potential reversal could still be on the cards, but caution is warranted as the current trend remains vulnerable to further downside.

UNI RSI Is In The Neutral Zone

On November 7, UNI’s Relative Strength Index (RSI) hit 85, driven by a rapid 50% surge in its price within just 24 hours. Since reaching that high, the RSI has gradually declined and currently sits at 43.32. The RSI is an indicator used to assess momentum by measuring the speed and change of price movements, helping identify whether an asset is overbought or oversold.

Typically, an RSI above 70 signals that an asset might be overbought, while an RSI below 30 indicates potentially oversold conditions.

With UNI’s RSI now at 43.32, the indicator suggests that the recent momentum has cooled down considerably. This level falls in the middle range, reflecting neither an overbought nor an oversold condition but rather a balanced market sentiment.

It implies that UNI price could stabilize after the sharp rally, with the potential for either consolidation or a new move depending on shifts in buying or selling pressure.

Uniswap ADX Shows The Current Trend Is Not Strong

UNI’s ADX is currently at 19, down significantly from over 40 just a week ago. The Average Directional Index (ADX) measures the strength of a trend without indicating its direction.

Typically, an ADX reading above 25 suggests a strong trend, while values below 20 indicate a lack of trend or weak momentum. The sharp drop from over 40 to 19 signals that the strength behind UNI’s recent trend has dissipated considerably.

With Uniswap price presently in a downtrend, an ADX at 19 indicates that the bearish momentum is weak. This suggests that although the price is declining, the downward pressure isn’t particularly strong, potentially hinting at a period of consolidation rather than an aggressive sell-off.

It could also mean that the current trend might reverse soon or that market participants are waiting for a clearer direction before taking action.

UNI Price Prediction: Can UNI Go Below $7 Next?

UNI’s EMA lines currently display a bullish setting, with the short-term lines positioned above the long-term ones. That indicates previously strong upward momentum. However, the price has now fallen below the short-term EMAs, signaling a weakening in buying pressure.

Moreover, the short-term lines are trending downward, and if they cross below the long-term EMAs, this could form a bearish crossover. Such a crossover often suggests the start of new, potentially strong corrections.

If the bearish crossover occurs, UNI price could test support levels around $7.5 and $7.1 and potentially fall to $6.6. However, as indicated by the current ADX reading, the downtrend is not particularly strong. That leaves room for a possible reversal.

If the trend shifts to the upside, UNI price may first challenge resistance at $8.7. If this level is broken, the next target would be $9.6, representing a potential 14% price increase.