This morning saw Bitcoin extend its rally, hitting a new two-year high at $51,576. We're providing a detailed look at the market dynamics for altcoins Polkadot (DOT) and Uniswap (UNI) as of Wednesday, February 14.
Polkadot (DOT)
Alternative coins have yet to catch up with Bitcoin's ascent, including DOT, which is currently oscillating between a support zone of $7.0–$7.3 and a resistance zone of $7.88–$8.20.
There's an anticipation that buyers will soon make a move to break out from this sideways range upwards. Potential targets include resistance zones at $8.46, $8.74–$9.2, and the local high of $9.6 established on December 26, 2023.
With Bitcoin on an upward trajectory, significant pullbacks in Polkadot's chart are unlikely. The price might retract to the support area of $5.96–$6.57, but falling below this bracket seems improbable.
DOT H4 Chart
Uniswap (UNI)
UNI is currently trading within a lateral range, marked by a buyer's zone of $6.0–$6.3 and a seller's threshold at $6.98. The prevailing resistance level could be overcome shortly, potentially facilitating further upward movement for the asset.
Should this upward trend materialize, buyers will encounter subsequent resistance within the zones of $7.16–$7.50 and at the local high of $7.8, with a chance to push beyond it.
In the event of minor corrections, UNI might dip into the support zone of $5.50–$5.71, where a considerable amount of long orders is positioned.
UNI H4 Chart
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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) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the price movement between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K – $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — 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:
