Buyers faced resistance at $7.00 on October 7, 27, 29, and 30. Uniswap dipped below the moving average lines as a result. Marking the cryptocurrency's fifth attempt to retest or break over the $7.00 resistance level.
If the present barrier is broken, UNI will climb and retarget the overriding resistance at $9.60. Nonetheless, if UNI falls below the resistance level, it will begin a sideways trend.
Following the rejection, UNI has been bouncing below the resistance zone. The cryptocurrency may go slightly above the barrier level on the 1-hour chart. During the upswing that began on October 29, a candlestick tested the 50% Fibonacci retracement line. According to the retracement line, UNI will increase to the Fibonacci extension level of 2.0, or $7.18.
As UNI, the RSI was seen at 61.45. The cryptocurrency is on an upswing but has yet to break over the $7.30 barrier level. The cryptocurrency is gaining momentum as it is trading above the daily stochastic's 54.30 region. A sideways trend is shown by the horizontal slope of the SMA 21-day and 50-day lines.
Uniswap has struggled to regain its bullish momentum in recent times; despite the uncertainty that has befallen the crypto space, the price of UNI hasn't seen any relief after rallying from a low of $3.3 to a high of $9.8 before facing rejection from that region on the weekly chart.
In the daily timeframe, the price of UNI continues to trade below the key resistance formed at the 100 EMA after forming a cup and handle pattern that was rejected into the range. The price of $7.20 acts as resistance, preventing UNI from breaking out of the range and trending higher.
According to Price Analysis, The market capitalization of this UNI is estimated to be $5,390,028,053. The 24-hour trading volume for the coin is around $158,328,121. UNI market capitalization has risen by 0.60%. However, trade volume Decreased by 33.74% during intraday trading. The market capitalization to volume ratio is 1.27.
The next significant barrier is $7.30. A decisive break over $7.30 might spark a big rally towards $7.80. Any further gains may open the door for a move towards the $8.20 barrier, from which the bulls may attempt to break through to $9.60.
If UNI does not break through $7.30, it may start a new downturn. On the downside, a first level of support is $6.50, as are 200 hourly simple moving averages. In the immediate term, a drop below $6.50 might send the price down to $6.00. If the price continues to plummet, it might reach $5.20.
KEY LEVELS :
RESISTANCE LEVEL : $7.80-$8.70
SUPPORT LEVEL : $6.40-$5.70
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