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UNI Prices in Dilemma – Present Fall versus Upcoming Rise?

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Uniswap Price Analysis
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  • The Uniswap governance proposal saw a turn.
  • Recent alliance with Crypto Mories to open new segments to explore.
  • UNI lost 6% intraday, but formed bullish patterns. 

The UniSwap governance proposal is being voted on regarding the deployment of Uniswap v3. The proposal was submitted on Feb 2 by 0xPlasma Labs on behalf of the Uniswap Community. Dated Feb 5, Andreessen Horowitz, the venture capitalists via his firm’s holdings of 15 million UNI voted against the move. Making the votes in against value 64.13%, the proposal was tentatively denied. The voting period is scheduled to end on Feb 10, 2023, and the final results will follow. 

Meanwhile, UniSwap sat down with Crypto Mories Team to shed light on the concept of mental health service in web3. Mories are NFTs that are believers of kindness and prioritize mental health and well being. The UNI prices can take effect of either the ongoing voting or the new developments to decide its further movement. 

The Pictorial 

Source: UNI/USDT by TradingView

The UNI prices have formed a rising regression channel, indicating a bullish trend in the upcoming term. The prices have lost about 6% in the intraday session. The EMA ribbon floats below the price movement and forms a bullish crossover indicating an up swing in future. The OBV currently shows neutral signals and awaits a stronger push. The price movement can face resistance near $ 7.70. 

Source: UNI/USDT by TradingView

The CMF falls below the zero-mark to show declining bullish pull in the prices. The MACD tangles to show mixed forces persisting in the market. The RSI bounces near the 50-mark to show a neutral force in the price movement. 

A Closer Window 

Source: UNI/USDT by TradingView

The 4 hour time frame study shows prices to follow a downtrend. The CMF falls to the lower levels under the baseline to suggest a bearish trend approaching. The MACD records deep ascending sellers bars while the lines split negatively. The RSI finds a spot in the lower half to show sellers dominating the market at present. 

Conclusion

The UniSwap ecosystem is currently facing a mix of positive and negative price influencers. The new alliances and exposures are providing the ecosystem an oomph, and on the other hand the voting process is shedding light on the “still needed” upgrades. The UNI holders must watch for the resistance near $7.70, for further price movements. If price reversal takes place, the support zone near $5.75 can be trusted to buy UNI. 

Technical levels

Support levels: $5.75 and $4.85

Resistance levels: $7.70 and $9.30

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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