Can UNI Give 20% Returns from this Level?

2 months ago 24411

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Price is trading in a Channel Down pattern. With emerging patterns, traders who believe the price is likely to remain within its channel can initiate trades when the price fluctuates within its channel trendlines.

When this happens, the price can move rapidly in the direction of that breakout.

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UNI Crypto Price Analysis

Current Price: $6.55
Market Cap: $4.3 billion
24h Trading Volume: $68 million
Total Supply: 1 billion UNI
Circulating Supply: 600 million UNI

Can Uni Give 20% Returns From This Level?

Price is in a Downtrend, however, it had a bullish breakout from Channel Down pattern, above $6.50 resistance, which could signal at least a temporary bullish trend reversal, with upside potential to $8.00. Stop Loss at $5.40. This is a riskier trade setup because it’s a trend reversal not a trend continuation setup. It’s against the overall downtrend.

Uniswap is the biggest DEX – see On-chain data, and has been a beneficiary of the move to decentralized exchanges and non-custody trading solutions.

Weekly Price Analysis

7-Day Change: -3.8%
Week Open Price: $6.80
Weekly High/Low: $6.80 / $6.50
Trend: Short-term trend is Neutral, Medium-term trend is Down and Long-term trend is Strong Down.
Momentum is Bullish but inflecting: MACD Line is still above MACD Signal Line but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum could be nearing a downswing. Price is neither overbought nor oversold currently.
Support and Resistance: Nearest Support Zone is $5.60, then $4.80. Nearest Resistance Zone is $8.00, then $12.00.

Technical Indicators

Relative Strength Index (RSI): 42 (indicating neutral to slightly oversold conditions)
MACD: Bearish, with a slight negative divergence
Bollinger Bands: Narrowing, indicating reduced volatility and potential for a breakout

News Roundup

Adoption and Use Cases: Uniswap continues to dominate as a leading decentralized exchange, with its governance token playing a crucial role in decision-making within the ecosystem.
Development Updates: No significant updates or releases have been reported recently, with the focus remaining on market performance.

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