NEO, Binance Coin (BNB) and Uniswap (UNI) all bearish heading into the weekend and will maintain additional losses within the coming hours
The cryptocurrency market appears to be persevering with its descent into pink territory heading into the weekend. All cryptocurrencies within the high 20 are down by over 10% prior to now 24 hours, as we witness maybe the strongest correction in months. Binance Coin (BNB) is down by 14% prior to now 24 hours and dangers dropping beneath $450 in the course of the weekend. NEO misplaced almost 20% of its worth within the latest correction and will face additional decline to $70 except the market recovers. Uniswap continues to be within the high ten after shedding 15% of its worth and might want to defend the $29 assist space to keep away from additional losses.
BNB worth outlook
#bnb is not dangerous.
A day by day shut over say $583 could be no downtrend.
Nonetheless over the day by day 21 MA at $473.
— Crypto ₿ethany 💕🔶 (@CryptoBethany) April 23, 2021
A take a look at the BNB/USDT 4-hour chart reveals that Binance Coin continues to be in a bearish mode regardless of rising by 5% prior to now hour. Bulls have been capable of defend the $452 assist, permitting BNB to get better in the direction of $490. It’s nonetheless buying and selling inside its 100-day easy transferring common area ($490). If it builds on the recently-found momentum, it might try and climb above $511 this weekend.
BNB/USDT 4-hour chart. Supply: Coinalyze
Nevertheless, the RSI and MACD present that bears are nonetheless in management and will spark an extra correction. If the correction continues, BNB might lose assist at $452, bringing the assist discovered at $430 into focus.
NEO worth outlook
NEO is in the same state of affairs to BNB. The NEO/USD pair is up by 2% prior to now hour and down by 16% over the past 24 hours, with the 4-hour chart at present nonetheless wanting bearish. The cryptocurrency has defended the $72 assist and is slowly marching in the direction of the $84 resistance level.
NEO/USD 4-hour chart. Supply: Coinalyze
If the bulls mount a restoration, NEO might try a run at $90 and transfer in the direction of $100 this weekend. Nevertheless, the technical indicators are bearish for the time being, pointing to additional losses this weekend. Failure to defend the $72 assist might see the NEO/USD pair spiraling in the direction of the 200-day SMA ($63.02).
UNI worth outlook
Uniswap (UNI) is echoing the broader market’s efficiency after shedding 13% of its worth prior to now day. The UNI/USD pair is wanting extremely bearish for the time being. If the present pattern continues, UNI will likely be pressured to defend the $28 assist level. Additional losses might see UNI drop beneath $25, a worth that hasn’t been seen in weeks.
UNI/USD 4-hour chart. Supply: Coinalyze
The bearish cycle might proceed as its MACD degree is within the pink zone. The RSI is beneath 50, which signifies a destructive cycle.
Nevertheless, UNI might get better if it will get assist from the broader market. A rally will see UNI surpass $32 and try to interrupt the $35 resistance. An prolonged market rally would possibly assist the cryptocurrency attain its weekly excessive of $39.44 once more.