Uniswap Price Faces Series Of Rejections, What’s Next For UNI?
The post Uniswap Price Faces Series Of Rejections, What’s Next For UNI? appeared first on Coinpedia Fintech News
Uniswap price rallied 42% in a 7-day frame but recent price action is negative with a 24-hour drop of -4.79%, and price trading at $10.99. Uniswap’s 24-hour volume dropped 36.5% to 332 million, UNI Price is losing the trend with on-chain data showing increased selling pressure, and investors ejecting with profit.
UNI, the governance token of Uniswap decentralized exchange invalidated the long-term sideway pattern and broke our zone of $6.66 and $8.25. The impulse uptrend made prices sit above the SMA 100 level.
UNI crypto price action in the last month and week is an uptrend the recent 2 days have been fearful. The Price started corrections at $11.5 and has gripped a downward rally today.
Increased accumulation and distribution indicator shows how the price accumulation makes big waves and the distribution remains constant.
Uniswap Trend is Uncertain
Uniswap faced rejection at the order block zone of $11.5, there is a critical support near $10.7 and one strong one at $8.60. The price 4hr chart is approaching a channel pattern, if the asset breaches down the $10.7, we can see a significant drop ahead.
RSI at 72.29 is above the threshold of 70, this indicates the asset is overbought and dropping below this is a clear indicator to sell. If bulls resist and power up to swing above the 70, price rebound is possible.
Although the price is trading above all day’s moving averages, technical indicators and on-chain data portray a mixed analysis. The UNI price action hereafter can be uncertain,
Investors Intend To Take Profit
The Sentiments Market Value to Realized Value (MVRV) dropped from 35% to 25% on Saturday. This indicates that the buyers of last month are now sitting at 25% profit. Exit of these holdings may lead the price to drop 8% more.
Trade Setup for UNI
Trend: Neutral to Bearish
Entry: Near $10.7 ( if does not break the trend line or WAIT )
SL: $10
TP: 12% to 15% ( if breached upper level of $11.8 )
