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UNI’s price after giving a bullish move of 23% is currently taking a bearish correction of about 13% and that correction might go up to 18% according to previous price action. Currently, the price is making a bullish hammer pattern which suggests that the market might soon make a reversal from its ongoing correction although its recent support level is 7% below its current price from which it might take a pullback soon. The current UNI price is $6.51 with a change in 24-hour trading volume of -21.81%. The UNI price is down 0.45% in the last 24 hours.
UNI price trading near the demand zone
The overall market sentiments have been steadily moving toward the fear zone according to the greed and fear index provided by the Alternative (dot) me site. As reported by the site UNI price’s market sentiments were trading in the greed zone of around 60 points. This was also confirmed by the price action that occurred last week where the price was trading around the supply zone around mid-February. But as of now, it has decreased significantly where the market is trading around the neutral zone of around 50 points.
Technical Analysis (1 Day Timeframe)
The price of UNI is currently trading within a range where its current resistance is 7% above around the price of $7.071 and its major resistance is 14% above the current price around the level of $7.425 while UNI price’s current support level is 6% below around level $6.074.
The RSI indicator is currently trading below the median line around point $46.08 while facing resistance from the 14 SMA. RSI is making a downward trend and it is also trading under the 14 SMA this suggests the UNI price might be looking to make a correction.
Conclusion
As per the analysis conducted above UNI’s price is currently trading near its supply zone around $6.502 while also taking support from the 200 EMA which suggests that after taking a pullback it might give a rally of 14 %. it is also breaking out of the 200 EMA indicating the UNI price might also give a bullish rally. The buyers might be optimistic regarding this pullback as they can get a decent risk and reward ratio where the target can be a lucrative 14 percent.
Technical levels –
Support – $6.074
Resistance – $7.071 and 7.425
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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
