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Vikram
Sep 19, 2022
by Vikram

UNI Technical Analysis: Falling Prices Continue To Gain Momentum 

UNI Technical Analysis
The UNI technical analysis displays the $5.7 breakdown rally gaining momentum as the global markets crumble under increasing tensions. 

The UNI price action shows an increase in selling pressure leading to a bearish breakdown of the consolidation range. With a 9% fall, the bearish breakdown of $5.7 releases the trapped bearish momentum. So, will the breakdown rally cross below the next support level of $4.5?

Key Points:

  • The Uniswap prices drop under the $5.7 mark.

  • The downtrend warns of the fallout of $4.5.

  • The intraday trading volume in Uniswap is $122 Million.

    • UNI/USD Price Chart

    UNI Technical Analysis

    The UNI price failed to sustain the $5.7 support level due to the increased selling pressure over the weekend. The 9.18% drop in the Uniswap market value results in a bearish engulfing candle in the technical chart. Additionally, the bearish breakdown of the demand level gives a breakout of the consolidation range in the daily chart. The breakout rally approaches the $4.7 support level reflecting an increase in selling pressure.

    The reversal from the 50-day EMA leading to a bearish breakout increases the bearish gap between the 50 and 100-day EMA. Hence, the traders can expect a fall to the $4.7 support level. Furthermore, the drop below the $4.7 mark can prolong the UNI correction phase to the $3.5 mark. However, a bullish reversal at the $4.5 horizontal level will bounce the Uniswap prices to $5.7.

    Technical indicator

    The RSI slope shows a falling trend below the halfway line approaching the oversold boundary. Moreover, the MACD and signal lines gain a bearish spread after the recent crossover, fueling the negative trend in histograms.

    Therefore, the technical indicators reflect a rising trend in selling pressure. As a result, the UNI technical analysis takes a bearish standpoint and offers a selling opportunity with the pattern breakout.

    Resistance levels- $5.7 and $6.7

    Support levels- $4.7 and $3.4

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    UNI Technical Analysis: Falling Prices Continue To Gain Momentum 
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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