Cryptocurrencies Price Prediction: Uniswab, Algorand & Bitcoin — Asian Wrap 31 Mar
|Uniswap Price Projection: UNI is set to decline 35%
Uniswap price printed an all-time high, reversed, and closed below the ascending wedge formation on March 23, triggering a 12% decline on March 24. UNI has discovered support at the 50-day simple moving average (SMA), but well below average volume undermines the bounce’s credibility.
Algorand Price Analysis: ALGO unable to hold weekly gains
Algorand price had been drifting higher in an ascending channel before the sell-off in the cryptocurrency market last week. The downside has been contained by a trifecta of support defined by the 10-week simple moving average (SMA), the psychologically important $1.00, and the 0.236 retracement level of the 2020-2021 bull market at $0.936.
Bitcoin speculators have a new tool to hedge their spot market risk
The Chicago Mercantile Exchange (CME) formally announced today that it would expand its crypto derivatives suite by introducing a new Micro Bitcoin futures contract, beginning on May 3 if approved by regulators. The contracts will be sized at one-tenth of one bitcoin, cash-settled based on the CME CF Bitcoin Reference Rate, and offer the same attributes and features of the standard bitcoin futures.
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