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- Uniswap Coin beats the traders with bearish sentiments, arising due to the double top candlestick pattern formed in the daily timeframe
- The sideways movement between $25 and $33 is observed from the past two weeks
- Recently made, green candlestick brings the hope of another uptrend
Uniswap COIN has survived the double top candlestick pattern formed in the daily timeframe, thanks to the 50 EMA (yellow) and the support level of $25. Existing sideways movement is above the 50 EMA and 100 EMA, both indicating traders with bullish sentiment are more in number. Price is approaching the next resistance level of $35. The RSI in the daily timeframe is in an upward moving slope, whereas the ADX shows a loss of momentum in the price. The market capitalization of the UNI coin is$16,545,908,509 (+7.32%) and the 24-hour volume of the UNISWAP coin is $648,424,732 (+70.54%).
START OF ANOTHER UPTREND?
UNISWAP coin has been in a downtrend after the price got rejected from the $35 level. The price was observed shaping a descending triangle candlestick pattern in the 4hour timeframe. However, a recently made big-bodied green candle has given an upside breakout for the bearish pattern. This could take the price higher at least till the previous resistance level of $35. If bulls do step in at the right moment, then the breakout of this level is also possible. The volume is slightly below average, increasing the chance of the price getting rejected once more from the implied resistance level.
The relative strength indicator (bearish) at 64 reaches the overbought zone quite fast. The upward moving slope of RSI might become a concern for bullish sentiment holders.
ADX has given a recent spike from the value of 9 to 12, implying the start of significant momentum. An increase in momentum could increase the possibility of another breakout at the level of $35.
CONCLUSION
Formation of the green candle and the ADX spike could take the price to $35, but from there, only the candles’ momentum and strength can bring another breakout. Early traders must be very cautious.
Support- $26
Resistance – $35
