- Uniswap is trading below all significant moving averages in the 4 hour timeframe.
- UNI/BTC was trading at 0.0005185 btc with an intraday change of +3.10%.
- UNI/ETH was trading at 0.00690 eth with an intraday change of -1.00 %.
$UNI on 4-hr chart
UNISWAP/USDT on the 4-hour chart is currently trading below all the significant 50, 100 and 200 day moving averages. This is an indication of a bearish mindset of the market. The price action is making lower highs and higher lows resulting in the formation of a symmetrical triangle. This is a type of consolidation. The bulls are trying to break the triangle upwards which they will be seemingly successful in the current scenario. A clear candle above the symmetrical triangle will give us a breakout trade.
So, in the short term considering the 4 hour chart, we will likely see a rise in price. The moving averages (50, 100, 200) will act as resistance. Other important resistances will be mentioned below.
$UNI on daily chart
On the daily chart, UNI/USDT is trading below the 200 day and 50 day moving averages. But is above the 100 day moving average. The RSI is also very close to the overbought zone and is now making a bounce upward. The buyers will most certainly like to jump here to ride the price upward. So, we are most likely to see a positive price trend.
The Fibonacci indicator is suggesting resistance at 24.97 USDT level. And immediate support at 22.94 and 20.90 USDT. If the price breaks the 24.97 USDT level, we are likely to test the 27.87 USDT and 31.56 USDT resistance levels.
Note: The 50, 100 and 200 day moving averages are coloured yellow, white and red.
The important support and resistance levels to look for are:
RESISTANCE: ✓ 24.97 USDT, 27.87 USDT, 31.56 USDT(Short term) 42.21(long term)
SUPPORT: ✓ 22.94 and 20.90 USDT. (Short term) ✓ 18.38 and 14.30 (for long term)
Takeaway: After considering all the technicals mentioned above, we are likely to bounce and test the resistances mentioned here.