UNI Technical Analysis: Buyers Cushion Fallout Rally Near $7
Hello and welcome back guys to our channel Cryptoknowmics!
Hi, I am Megha Chhikara, back with yet another analysis for you today!
Today, we’ll be reading about the Token Uniswap. The UNI prices break below the support trendline, dropping all the crucial daily EMAs and endangering the bullish dominance at $7.
Well, watch this entire video till the end to learn more about the upcoming trend in UNI, but before that don’t forget to hit the subscribe button!
The Uniswap market price dropped by 27% from the 200-day EMA.With a market cap of $5.08 billion, the intraday trading volume of Uniswap has increased by 5.21% to reach $163 million.
Well, let's read the key points of UNI and see where it takes us!
https://www.tradingview.com/x/ir3pwGs2/
The UNI price action shows a power struggle at the $6.75 support level, with the 100-day SMA acting as the overhead resistance. Hence, a breakout of either side can provide an entry signal for sideline traders. Despite the downfall, the 50 and 100-day EMA maintain a bullish alignment for the time being. However, the EMAs may give a bearish crossover if the price drops below the $6.75 mark.
As the RSI slope takes a lateral shift in the nearly oversold zone, reflecting an increase in underlying bearishness. Moreover, the MACD indicator shows a bear trend but a weakness in negative histograms. Hence, the technical indicators maintain an overall bearish bias.
In a nutshell , the UNI technical analysis projects a high likelihood of a downtrend below $6.75 as the technical indicators support the bearish perspective.
UNI prices can consolidate above $6.75 if the buyers maintain dominance at the crucial support level. Moreover, in case of a bullies trend continuation, a jump to the overhead resistance at $8 is possible.However, a downtrend continuation below the $6.75 mark can test the psychological mark of $5.
And finally, with hope & some positive indications, we conclude our today's session and we’ll be back with yet another coin for you!
Till then stay tuned to Cryptonowmics, Crypto world at your fingertips.