As the tensions between Israel and Iran escalate, the traditional finance markets and crypto markets have taken a larger hit. More than $1.1 billion in liquidations was recorded, causing the Bitcoin price to test the local bottoms at around $102.6K. Although the token is working to mark a recovery, the technicals and the market conditions suggest a deeper correction could be possible if the token fails to defend the local support. While the other altcoins are closely following the star token, BinanceCoin & Uniswap gather some strength and are preparing for a strong upswing.
BinanceCoin has been displaying immense strength regardless of the market conditions that helped the token to remain within the top 5 crypto ranks. The BNB price is stabilizing above the $655-$660 zone after reclaiming a broken wedge resistance. The recent price action shows consolidation just below a confluence of resistance lines, signaling tension ahead of a potential breakout. A sustained move above this compression may unlock the $700-$720 area.
As seen in the above chart, the BNB price is trading within a decisive symmetrical triangle, and the recent bounce from the support validates the formation. Moreover, the 50/200 day MA is heading for a bullish crossover or the ‘Golden Cross.’ On the other hand, the CMF which has remained stuck above the average range since March, has triggered a bullish divergence. Hence, the BinanceCoin price is primed to rise and reach the resistance above $680 but the consolidation may prevail until the levels reach the edge of the pattern, followed by a breakout.
Bears had gained a significant control over the rally for a while as the Uniswap price faced a quick rejection after reaching the levels around $8.6 to $8.7. However, after testing the local lows at $7, the price saw a bounce, which relieved the selling pressure for a while. The volume had dropped marginally but as the price dropped below $7, the buying pressure escalated with a notable rise in the volume. Hence, the current price action suggests the Uniswap price is in the middle of a strong recovery.
The UNI price is undergoing a parabolic recovery and the latest rebound has escalated the levels above the Gaussian channel, which has turned bullish. The volume has been rising since May, which suggests the volatility has been increasing since then. Besides, the RSI is also rising, holding along the ascending trend line, which suggests the strength of the rally is increasing and rising along the parabolic recovery to reach $20.
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