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Price Analysis: Top 3 Coins To Watch From May 3rd - UNI, REN, & ICP Where Are They Heading?


coincodex.com 03 May 2021 12:08, UTC
Reading time: ~5 m

Bitcoin continues to hold strong as it bounces back above $55,000 this week and is nearing back to the $60,000 level. The strongest bullish factor within the market is Etheruem breaking the $3,000 level today to set new ATH prices. This bullish run for Ethereum has allowed a plethora of other tokens to start surging also.

Today, we released the top altcoins to watch for the week. These included Uniswap (UNI), Ren (REN), and Internet Computer (ICP):

To find out why we picked these projects in a little more detail, look at the article here.

In this analysis, I would like to cover these three coins to help provide some support and resistance you might expect to move forward.

Uniswap Price Analysis

What has been going on?

UNI is up by a powerful 20.2% this week and up by a further 51.51% over the past month of trading as it currently sits at $43.80. The cryptocurrency set a new ATH price today at $45 as it hit the upper boundary of an ascending price channel that it has been trading within for the past 3-months.

The cryptocurrency had bounced from the support at the 50-day EMA last week around $30 and started to rebound. This support was further bolstered by the lower boundary of the current price channel.

After the rebound, UNI went on to make fresh highs last week as it hit resistance at $43.87 (1.414 Fib Extension) last Thursday. It dropped from there at the end of the week to find support at $40 over the weekend. It rebounded from this support yesterday to set the new ATH price today but still needs to produce a daily candle closing above $43.87 to confirm a fresh bull leg higher.

UNI price short term prediction: Bullish

UNI is considered strongly bullish right now. The cryptocurrency would need to drop beneath the support at $30 to turn neutral and would have to continue further beneath $19.15 (.618 Fib Retracement) to be in danger of turning bearish.

If the bears do push lower again, the first support lies at $42. This is followed by $40.23 (.236 Fib Retracement), $37.40 (.382 Fib Retracement & 20-days EMA), $35.10 (.5 Fib Retracement), and $32.80 (.618 Fib Retracement).

Where is the resistance toward the upside?

On the other side, the first resistance lies at the ATH around $45, which is also the upper boundary of the current price channel. Above the channel, resistance lies at $54.50 (1.414 Fib Extension - green), $48.33 (1.272 Fib Extension), $50, and $50.74 (1.414 Fib Extension). Additional resistance lies at $52, $54.10 (1.618 Fib Extension), and $55.

Ren (REN) Price Analysis

What has been going on?

REN saw a strong 19.5% price surge over the past 7-days of trading as it finally breaks back above the $1.00 level.

The cryptocurrency had dropped from $1.20 to reach as low as $0.7 over the past fortnight, after failing to break combined resistance at a bearish .5 Fib and a descending trend line. There, it found support at the 200-days EMA and started to rebound at the beginning of last week.

REN is currently ranked in the 122nd position as it currently holds a $630.4 million market cap value.

REN price short term prediction: Neutral

REN is considered to be neutral right now and would have to rise to break the resistance at $1.21 (bearish .5 Fib & April highs) to start to turn bullish again. On the other side, a daily closing candle beneath $0.7 (200-days EMA & April lows) is likely to turn REN into a bearish spiral in the short term.

The first level of support lies at $1.00. This is followed by $0.9 (100-days EMA). Added support is then expected at $0.84 (.618 Fib), $0.8, $0.72 (200-days EMA), and $0.7.

Where is the resistance toward the upside?

On the other side, the first resistance lies at the falling trend line. Above this, resistance can be found at $1.10 (bearish .382 Fib Retracement), $1.21 (bearish .5 Fib Retracement), $1.45 (bearish .618 Fib Retracement), and $1.50.

Internet Computer (ICP) Price Analysis

What has been going on?

ICP is up by a strong 54% over the past week of trading as the cryptocurrency currently sits at around $220. The cryptocurrency had reached an ATH price at $325 at the start of April but had been in a constant decline for three weeks until support was found at a rising trend line.

It managed to rebound from this rising trend line as it started to push higher and broke back above $200 toward the end of April.

In the first few days of May, the coin dropped back into the $200 support but managed to rebound higher from there today to hit $220.

ICP price short term prediction: Bullish

ICP is still bullish right now but would have to break $260 (ATH-day closing price) for the bull run to continue. A drop beneath the rising trend line (around $140) would turn it neutral, with a further drop beneath $93.50 (.786 Fib Retracement), turning the market bearish.

If the sellers push lower, the first support lies at $200. This is followed by $180, $160, $140 (rising trend line and .618 Fib Retracement), $120, and $100.

Where is the resistance toward the upside?

On the other side, the first strong resistance lies at $240 (bearish .618 Fib Retracement). This is followed by $260 (ATH-day closing price), $277.87 (bearish .786 Fib Retracement), $300 (bearish .886 Fib Retracement), and $310.

Previous Technical Analysis

At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here's 3 of our most recent technical articles about the price of:

  • Ethereum Price Analysis - ETH Breaks $3,000 and Makes Founder A Billionaire - When $4,000? (Bullish)
  • Exchange Token Sector Continues Strong Growth With 26% Market Cap Increase - BNB, OKB, HT, & FTT - Where Are They Trending? (Bullish)
  • Top 4 Strongest Performers During April - DOGE, ETC, XRP, & CAKE - Where Are They All Headed Next? (Bullish)

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