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Peter Oleshchuk
Apr 13, 2022
by Peter Oleshchuk

UNI Technical Analysis: Consolidation Accumulation Is Ripening By May

UNI

Table of contents

  1. Technical Analysis Of UNI On The Daily Timeframe
  2. UNIBTC Price Is Looking For Support For Growth
Changes, cardinal positive changes- this is what UNI cryptocurrency investors want to see when they enter the weekly chart. However, so far this issue is disappointing and intriguing. The UNI price continues to move in the black channel of the fall, from March 2021. In the past, a very aggressive and promising altcoin hung in the correction and low trading volumes. The biggest danger for the UNI price is falling and falling below the $8.5 mark. In this case, market participants will see another powerful fall wave with the final target of $5.2.

UNI

Given the unprincipled fall in the price of BTC and the weakness of buyers, this scenario can not be ruled out in any case. Recent UNI 3-week rebound from the $8.5 range was not entirely successful. Yes, a 45% price fall is a good result, but buyers could not fix above the local mark of $11.66, which outlined the newly formed consolidation in the range of $8.36-$11.66. This consolidation can easily last until mid-May. At about this time, a clear medium-term outlook for this cryptocurrency by the end of the year will be clear. But, in our opinion, without the test of the $5.2 mark and the release of critical trading volumes during the fall wave, it is too early to buy this token.

Technical Analysis Of UNI On The Daily Timeframe

Analyzing the movement of UNI prices on daily timeframes, we can see an unpleasant fact for investors. If we analyze the growth wave from 14 March, we can see that buyers have made relatively great efforts to grow. However, daily candles look small. This fact indicates a clear slowdown in the growth wave of sellers over its entire distance. Though, the fall wave of 4 April is quite lively. Candles are twice as large as when growing, the volume is smaller. This trend shows the weakness of buyers and unwillingness to buy aggressively.

Therefore, until at least the situation in the UNI market does not change in the opposite direction to think about the breakdown of consolidation $8.36-$11.66 up early. At the time of writing, buyers are making a slight rebound with a maximum target of $10.42. But, the fall wave within the consolidation is incomplete and we expect a test of its lower limit.

UNIBTC Price Is Looking For Support For Growth

TradingView Chart

There are no drastic changes in the weekly chart of UNIBTC prices. So far, our local scenario, which we talked about in the previous article, is working out and sellers are completing the local fall wave. The price stopped in front of the middle line of the global falling channel. During the week of trading on 11 April, buyers became more active and are trying to keep the mark of 0.00022. This mark is a possible foothold for buyers for the 0.00032 test. Though, given the low determination of buyers during the 3 weeks of trading on 14 March, it seems that the forces are not enough to start growing. At least for now. Therefore, our main scenario - consolidation by mid-May is relevant here.

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UNI Technical Analysis: Consolidation Accumulation Is Ripening By May
Peter Oleshchuk
Peter came to know about cryptocurrencies in 2017 and was instantly enamoured by their massive potential. As he gained more insights about the crypto market, he began writing about it. Peter's daily activity is analysis and forecasting, studying the price movements probabilities, and trying to understand the market inside. He is glad to witness such a phenomenon as cryptocurrency and decentralized finance, and to participate in it.