The cryptocurrency market seems to be sinking further into the red as the weekend approaches. The top 20 crypto-currencies have all lost more than 10% in the past 24 hours as we see the biggest correction in months. The financial currency (NBB) has lost 14% in the past 24 hours, with the risk of falling below $450 over the weekend. During the recent correction, NEOs have lost almost 20% of their value and they could fall further to $70 if the market does not recover. Uniswap is still in the top 10 after losing 15% of its value, and it will have to defend its $29 support area to avoid further losses.
NBB price forecast
#bnb is not a bad thing.
A daily close above $583 would not constitute a downtrend.
Still for 21 MA at $473 a day.
The price action was wild. $bnb has value on its side and gives you the advantage of being a bnb user. People want and use this crypto. pic.twitter.com/NVshDBWsIf
– Crypto ₿ethany (@CryptoBethany) April 23, 2021
A look at the 4-hour chart of BNB/USDT shows that the Binance coin is still in bearish mode, although it has risen 5% in the past hour. The bulls were able to defend support at $452, allowing BNB to rebound to $490. It is still trading within the 100-day simple moving average ($490). If price continues its recent momentum, it could try to break above $511 over the weekend.
Chart 4 hours NBB/USDT. Source: Coincide
However, the RSI and MACD show that the declines are still under control and could trigger a further correction. If the correction persists, NBB could lose support at $452, which would highlight support at $430.
NEO Price Forecast
NBBs are in a similar situation. The NEO/USD pair is up 2% in the past hour and down 16% in the past 24 hours, with the 4-hour chart currently in bearish mode. The cryptocurrency has defended support at $72 and is slowly moving towards a resistance point at $84.
4 hour chart of the NEO/USD. Source: Coincide
If the bulls recover, NEO could try to walk away from $90 and head towards $100 over the weekend. Still, the technical indicators are currently bearish and point to further losses before the weekend. If support at $72 is not defended, NEO/USD could drift towards the 200-day SMA ($63.02).
UNI Price forecast
Uniswap (UNI) has followed the market and lost 13% of its value in the past day. The UNI/USD pair is looking incredibly bearish right now. If the current trend continues, UNI will be forced to defend the 28-USD pivot point. Further losses could take UNI below $25, a price not seen in weeks.
Chart 4 hours UNI/USD. Source: Coincide
The downward cycle could continue as the MACD is in the red zone. The RSI is below 50, indicating a negative cycle.
However, UNI could recover if it gets help from the market in general. During the rally, UNI will break above the $32 level and try to break through resistance at $35. A prolonged rally in the market could help the cryptocurrency reach another weekly high of $39.44.
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