IOTA & USTC Lead the Market While BLUR & UNI Incur Massive Losses

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After maintaining a healthy upswing for a couple of days, the markets have begun to consolidate within narrow regions. As the BTC price dropped back below $38,000, the global crypto market capitalization also faced a minor plunge of 0.55%. The cryptos, which were among the top gainers, are facing immense bearish action while some maintain their bullish streak.

Among the top 100 cryptos, IOTA has topped the gainers list with a huge margin of over 33.97%. The price surge of over 40% occurs after registering an ecosystem development foundation in Abu Dhabi. Moreover, the DLT foundation will be funded by $100 million worth of tokens, which will be vested for four years. With this, the IOTA price reached levels above $0.29 for the first time since October 2022.

The price has now surged beyond the descending parallel channel but is facing immense bearish heat. However, the market participants appear to be optimistic about the IOTA price as the buying pressure has piled up. Conversely, it could appear to be a short-term rally, as the bulls may remain passive until the markets trigger a fine upswing. Besides, the BLUR token, which maintains a fine bullish streak, is facing massive bearish action. 

After accomplishing a parabolic recovery, the BLUR price pierced through the immediate resistance and marked interim highs at $0.6860. Since then, the price has dropped close to 30% and is expected to drop another 10% to test the support zone between $0.4593 and $0.4517 in the coming days. As RSI is testing the multi-month trend diagonal support, a rebound could be imminent, which may revive a bullish trend ahead.

Therefore, a bullish breakout back beyond $0.6 could be on the horizon by the end of 2023. Alongside, the popular DeFi token Uniswap (UNI) also displays a similar price action. 

The UNI price faced rejection at the pivotal resistance of around $6.5. Further, a parabolic recovery was triggered that enabled a fine recovery towards the neckline of the curve. Now that the token faces another similar price rejection, a drop to immediate support appears to be imminent. Besides, the RSI is incremental, which suggests a quick rebound could be fast approaching as the UNI price reaches the liquidity zone. 

Therefore, the price is expected to reach $7 and rise beyond the levels in the first few days of 2024, but a prolonged consolidation until the end of 2023 appears to be imminent.

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