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- 1 UNI token witnessed a head and shoulder formation and may face selloff soon.
- 2 Buyers are struggling to cross the $12 mark and are facing rejection.
The Uniswap token (UNI) price witnessed a rebound from the 50-day EMA and is facing rejection from the neckline hurdle of $13. Moreover, the trend is neutral and volatile moves were displayed on the charts. Furthermore, the token is sustaining gains near the 20-day EMA and the price action signifies indecisive moves. The technical indicators are suggesting a retracement toward the $10 mark.
At press time, the Uniswap token (UNI) price was trading at $11.09 with an intraday drop of 4.38%, reflecting neutrality on the charts. It has a monthly return ratio of 12.10% and 121.90% on a yearly basis. The pair of UNI/BTC is at 0.000179 BTC, and the market cap is $10.97 Billion. Analysts are neutral and suggest that UNI price may face selloff and will retest the 100-day EMA mark soon.
Uniswap Price To Volume Profile Reveals Rejection
The above data shows the price to volume profile of the UNI token which revealed rejection from the trendline hurdle of $13. Additionally, the trend is reflecting profit booking and the sellers are entering into the battle and are pushing the buyers, eroding over 30% gains this month.
Price Volatility and Sentiment Overview
After the sharp rally last month, the UNI token witnessed profit booking and volatility remained lower as compared to last month. The volatility curve stands below 0.008 signifies low movements. However, the total weighted sentiment showed a spike and reached the positive mark of 0.517.
The relative strength index (RSI) curve stayed close to the midline and is forming a negative crossover on the charts. Moreover, the MACD indicator shows a convergence of the MA line with the signal line replicating neutrality.
Social Dominance, Volume and Twitter Follower Outlook
The social dominance data remained average and the value stayed near 0.51% signifying neutrality. However, the social volume AI noted positive swings and the value rose to 24. Furthermore, the X follower value witnessed a notable surge and the value reached 17.5k.
Development Activity and Open Interest Analysis
The development activity replicated a consistent up move and the value reached 75.93, whereas the active addresses dropped to 5994. However, the open interest dropped by 2.49% to $159.63 Million showcases long unwinding activity.
Per the Fibonacci retracement levels, the token has sustaining gains near the 38.2% zone and may retest the 50% zone soon. The total supply of the UNI token is 1 billion, the volume to market cap ratio is 0.0126.
Summary
The Uniswap token (UNI) price noted rejection near the $17 mark and retested the 50 day EMA mark in the past weeks. However, the trend is intact and the token may face volatility ahead.
Technical Levels
Support Levels: $10 and $10.60
Resistance Levels: $12 and $13
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
