Here’s Why UNI Price May Resume Its Correction Rally From $7 Mark.

0
19

Published 25 mins ago

Today, the UNI/USDT pair is trading at $6.67, displaying a 5.71% gain. The bullish breakout from the immediate resistance of $6.65 teases a recovery opportunity for UNI. However, the volume activity is relatively low and thus; reflects a lack of bullish commitment.

Will buyers regain the $6.654 mark, or will the sellers strike back at higher levels?

Key points from UNI analysis:

  • A bullish breakout from the $6.65 may stall the prevailing correction
  • A bearish crossover between the 50-and-100-day EMA encourages the continuation of price correction
  • The 24-hour trading volume in the Uniswap token is $121.3 Million, indicating a 2.78% loss.

UNI/USDT ChartSource-Tradingview

The widespread correction in the crypto market reverted the UNI price from the $10 supply zone and caused a 41% retracement. The bearish pullback plunged the price to the shared support of $5.75 and the 0.618 Fibonacci retracement level.

While the crypto market is still uncertain, the UNI price has surged 14% in the past five days and challenges the immediate resistance of $6.5. A bullish breakout from this resistance will give an early signal for the end of the past correction rally.

The breakout rally may surge the prices by 22% and push its $8 resistance. Therefore, until the UNI price is below $8, the chances for the continuation of the retracement rally in fair. However, if prices pierce this resistance, the coin buyers may attempt to surpass the prior swing high($10).

Also read: Uniswap (UNI) Sees 150% In Last Seven Weeks Amid Strong Whale Accumulation, What’s Next?

On the other hand, the recent price recovery is backed by lesser volume, which suggests a possibility of downfall continuation. Thus, if the sellers break the $5.75, the altcoin may plummet 17% lower to $4.8.

Technical indicator

Bollinger band: the indicator’s midline has acted as a strong dynamic resistance during a downtrend. Thus, the coin price may struggle at $7, where the midline is currently wavering. 

EMAs: the crucial EMAs(20, 50, 100, and 200) moving at the $7 mark bolster the same cause mentioned above by offering multiple resistances at a particular level.

Vortex indicator: the VI+ and VI- sloped closing in shows the buyers’ attempt to regain trend control. A possible crossover may offer more confirmation for a bullish recovery.

  • Resistance levels- $8, $10
  • Support levels- $6.55 and $5.75

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Close Story

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here