NewsletterHere’s Why UNI Price May Resume Its Correction Rally From $7 Mark.
Today, the UNI/USDT pair is trading at $6.67, displaying a 5.71% gain. The bullish breakout from the immediate resistance of $6.65 teases a recovery opportunity for UNI. However, the volume activity is relatively low and thus; reflects a lack of bullish commitment.
Will buyers regain the $6.654 mark, or will the sellers strike back at higher levels?
Key points from UNI analysis:
- A bullish breakout from the $6.65 may stall the prevailing correction
- A bearish crossover between the 50-and-100-day EMA encourages the continuation of price correction
- The 24-hour trading volume in the Uniswap token is $121.3 Million, indicating a 2.78% loss.
Source-Tradingview
The widespread correction in the crypto market reverted the UNI price from the $10 supply zone and caused a 41% retracement. The bearish pullback plunged the price to the shared support of $5.75 and the 0.618 Fibonacci retracement level.
While the crypto market is still uncertain, the UNI price has surged 14% in the past five days and challenges the immediate resistance of $6.5. A bullish breakout from this resistance will give an early signal for the end of the past correction rally.
The breakout rally may surge the prices by 22% and push its $8 resistance. Therefore, until the UNI price is below $8, the chances for the continuation of the retracement rally in fair. However, if prices pierce this resistance, the coin buyers may attempt to surpass the prior swing high($10).
Also read: Uniswap (UNI) Sees 150% In Last Seven Weeks Amid Strong Whale Accumulation, What’s Next?
On the other hand, the recent price recovery is backed by lesser volume, which suggests a possibility of downfall continuation. Thus, if the sellers break the $5.75, the altcoin may plummet 17% lower to $4.8.
Technical indicator
Bollinger band: the indicator’s midline has acted as a strong dynamic resistance during a downtrend. Thus, the coin price may struggle at $7, where the midline is currently wavering.
EMAs: the crucial EMAs(20, 50, 100, and 200) moving at the $7 mark bolster the same cause mentioned above by offering multiple resistances at a particular level.
Vortex indicator: the VI+ and VI- sloped closing in shows the buyers’ attempt to regain trend control. A possible crossover may offer more confirmation for a bullish recovery.
- Resistance levels- $8, $10
- Support levels- $6.55 and $5.75
- December Recovery Ahead? Coinbase Outlines Why Crypto Market May Rebound
- Peter Brandt Hints at Further Downside for Bitcoin After Brief Rebound
- $1.3T BPCE To Roll Out Bitcoin, Ethereum and Solana Trading For Clients
- Why is the LUNC Price Up 70% Despite the Crypto Market’s Decline?
- CoinShares Fires Back at Arthur Hayes, Dismisses Fears Over Tether Solvency
- Ethereum Price Holds $3,000 as Bitmine Scoops Up $199M in ETH; What Next?
- Solana Price Outlook Strengthens as Spot ETFs See $15.68M in Fresh Inflows
- Dogecoin Price Gears Up for a $0.20 Breakout as Inverse H&S Takes Shape
- Bitcoin Price Forecast as BlackRock Sends $125M in BTC to Coinbase — Is a Crash Inevitable?
- XRP Price Prediction As Spot ETF Inflows Near $1 Billion: What’s Next?
- Solana Price Outlook: Reversal at Key Support Could Lead to $150 Target
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
