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- The token has shown bearish actions in the previous sessions.
- The pair of UNI/USDT is trading at the price level of $6.703 with a decrease of -1.65% in the past 24 hours.
The Uniswap (UNI) token has been trading in a range for a long period of time. The token has gained more than 40% in the past few weeks and the bulls are trying to break above the range but the bears are strong enough to hold the bulls.
UNI token on the daily time frame
The token recently made an attempt to break above the supply zone but was rejected by the bears on the daily time frame. As we can see on the daily chart, UNI token is currently trading at $6.703 with a loss of -1.65% in the past 24 hours. The token has crossed and sustained above its key Moving Averages which are 50 EMA and 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA). Let’s see if the token can break above the supply zone and continue the uptrend or not.
Relative Strength Index: The RSI curve of the asset is currently trading at 49.01 and has crossed below the halfway mark of the point line. The recent bearishness has caused the RSI curve to cross below the 14 SMA. If the bulls are not able to defeat the bears and the token’s value continues to fall, the RSI curve will fall even further.
Analyst view & Expectations
The token has made numerous attempts to break above the supply zone, but each time the bulls are met with rejection. Investors are advised to hold their buys until the token breaks above the supply zone in order to gain more information on the trend’s direction. Intraday traders, on the other hand, have a good opportunity to go short if the token falls below the 200 EMA and book profits based on their risk to reward ratio.
According to our current Uniswap price forecast, the value of Uniswap will climb by 12.32% to $ 7.48 by the next few days. Our technical indicators indicate that the current sentiment is bearish, with the Fear & Greed Index reading 55. (Greed). Over the previous 30 days, Uniswap had 16/30 (53%) green days and 5.55% price volatility. According to our Uniswap forecast, now is not a good time to buy Uniswap.
Technical Levels
Major support: $6.600 &
Major resistance: $7.250 & $7.720
Conclusion
The token is facing rejection from the supply zone forming strong bearish candles on the daily time frame. Investors are advised to wait for a clear indication before acting.
Disclaimer: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
