What’s Next As Uniswap Price Moves Closer To Key Support Line?
25 February 2023 - 6:00AM
NEWSBTC
The Uniswap price has noted significant appreciation since the
beginning of this year. Over the past week, UNI managed to move up
by 6%. In the last 24 hours, however, the altcoin registered a 2.2%
fall. At the moment, the altcoin was trading very close to its
crucial support level. The technical outlook of the altcoin had a
bearish structure as demand and accumulation noted a decline on the
daily chart. A slight fall in demand again will cause the bears to
take over in the next trading session. Related Reading: Bitcoin
Decline Ahead? Bearish Crossover Forms In This Metric As Bitcoin
fell below the $25,000 price level, the other altcoins fell with it
and are now stuck beneath their immediate resistance levels.
Uniswap must move above the $7 price mark for the bulls to take
over the price momentum. Uniswap is trading 86% below its all-time
high secured in 2021. Uniswap Price Analysis: One-Day Chart UNI was
trading at $6.78 at the time of writing. The altcoin price was
close to its crucial support line of $6.60. A further fall in
buying strength will drag the altcoin price to $6.30. Traders can,
however, find shorting opportunities at $6.60 and then at $6.40,
respectively. The amount of Uniswap traded in the last session was
red, signifying a demanding fall. In the event of an increase in
demand in the market, the coin could attempt to trade at $6.90 and
then at $7. The bulls can return to the market if UNI trades above
the $7.60 level. Technical Analysis Uniswap had formed a bearish
divergence on the daily chart. The Relative Strength Index stood at
the 50-mark after noting a downtick. The fall in the indicator
reflects a depreciation in buying strength. The indicator had noted
a bearish divergence, so the coin reflected a bearish price
movement. Uniswap price stood above the 20-Simple Moving Average
line (SMA), which meant that the altcoin was driving its price
momentum in the market. The price of UNI at press time was moving
south, and it could move below the 20-SMA line, giving the sellers
an upper hand. The altcoin will continue to depreciate on its chart
unless it claims the 50% Fibonacci level. The 50% Fibonacci level
will act as a price pivot point for the altcoin. The other
technical indicators have also shown that the market has started to
side with the bears. The Moving Average Convergence Divergence,
which indicates price momentum and trend reversal, displayed a fall
in green histograms tied to buy signals. Related Reading: Bitcoin
Price Tries To Reclaim $24,000 As Crypto Market Trades Sideways The
Bollinger Bands are responsible for detecting price volatility.
These bands remained wide and parallel, suggesting that the price
would move between those two bands, with the upper band acting as a
line of resistance. This can often mean that the altcoin could see
a further price decline. Featured Image From UnSplash, Charts From
TradingView.com.
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