UNI Slipping Continuously Making New Lows

  • UNI stands at $2.38 making new lows of $2.29 over the monthly chart resulting in the formation of a falling channel pattern 
  • The UNI/BTC pairs drop by -11.3% & UNI/ETH pairs plunged by -9.36%
u3 1
Source: tradingview

The Weekly chart of Uniswap indicates the downtrend following the falling channel pattern continuously making lower bottoms over its chart. The coin breaks its minor support of $2.45, but price recovery helps the digital asset to bounce back. However, the bounce-back of the coin fails to sustain at upper levels again turns into bearish form and makes a bearish pattern which is followed by lower lows and lower highs. 

The coin records its new low of $2.29 in today’s trading session and currently trading at $2.38 with overall lose of -11.40%, while it records the volume of $547,049,209 over the last 24-hours and stands with $503,768,026 under market capitalization.

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Observing over the Moving Average lines (MA) 5, 10, &  50 days moving average lines it fails to give positive crossovers on the 50 & 10 MA lines and attempted several crossovers over the monthly chart of the cryptoasset but fails to sustain over the fast-moving line.

For the bullish momentum in the coin, it must be trading above the 5, 10 & 50 MA lines ($2.47, $2.67, and $2.83) prices respectively.

Source: tradingview

Moving Average Convergence & Divergence (MACD) indicator highlights the bearish nature of UNI as trading levels overlapping each other. The bear`s line (RED) has more significance over the bulls line (BLUE) indicates the bears have more grip over it, as of now no major movement is expected.

u1 1
Source: tradingview

The Relative Strength Index (RSI) is continuously making lower highs over the chart with the current level of RSI is 24.26 which resulted in the oversold region, however, attempted several bounces back but the magnitude of bearish momentum fails to do it.

The Commodity Channel Index (CCI) stands at -159.23. On studying, it makes lower highs and fails to sustain in the bullish levels as spending time in the oversold region.

5-DAY MA: $2.47  

10-DAY MA: $2.67

50-DAY MA: $2.83.

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Pratik Chadhokarhttp://www.thecoinrepublic.com
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.

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