UNI and ATOM: Altcoin Analysis for December 14, 2023
Despite Bitcoin's attempts to sustain an upward trend and stabilize above the $43,300 mark, it has been unsuccessful, keeping our previous BTC analysis relevant. This overview covers the market situation for the alternative cryptocurrencies Uniswap (UNI) and Cosmos Hub (ATOM) as of Thursday, December 14.
Uniswap (UNI)
During December 2023, the UNI token has shown minimal growth. Despite reaching a yearly high of $7.07, UNI's market behavior largely reflects Bitcoin's trends.
The asset is currently fluctuating within a sideways range, with support at $5.9 and resistance at $6.4. If buyers maintain momentum, Uniswap's price could potentially retest the resistance zone of $6.70-$7.07 and aim for a new high. However, future movements will hinge on Bitcoin's trajectory.
A deeper correction could see UNI drop to buying zones at $5.27-$5.62, $4.63-$5.00, and down to $4.45, creating opportunities for accumulating long positions in anticipation of a possible upswing.
UNI chart on the H3 timeframe
Cosmos Hub (ATOM)
ATOM, despite its correlation with Bitcoin, recorded a 35% rise in December, hitting a local ATH at $12.4. With its yearly high still distant at $17, the cryptocurrency retains considerable growth potential.
ATOM is presently hovering near the selling zone of $11.67-$12.40. Its growth is currently prioritized as buyers demonstrate resilience despite Bitcoin's correction. The next milestone for buyers is set at the $13 level.
Should a local correction occur, ATOM might retreat to the buyer's zones of $10.5-$11, $9.5-$10, and potentially down to $8.81. A drop below this final threshold could indicate a shift to a medium-term bearish trend, with the possibility of further declines.
ATOM chart on the H2 timeframe
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Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) β a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) β the price movement between support and resistance levels, without going beyond the given range.
Π β simplified designation of one thousand dollars of the asset price (for example, 23.4K β $23,400).
Gray range on the chart β a support zone.
Red range on the chart β a resistance zone.
Correlation β the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GN Crypto:
