Uniswap (UNI) Breaks out From 406-Day Resistance Line

Uniswap (UNI) Breaks out From 406-Day Resistance Line
фото показано с : beincrypto.com

2022-8-2 16:30

Uniswap (UNI) is attempting to create a higher low after breaking out from a long-term descending resistance line.

UNI has been falling underneath a descending resistance line since reaching an all-time high price of $45 in May 2021. The downward movement led to a low of $3.33 in June. This was also combined with an all-time low value in the weekly RSI (green icon). 

However, the price has been increasing since and broke out from the line. At the time of the breakout, the line had been in place for 406 days. Breakouts from such long-term structures usually mean that the preceding trend has come to an end.

So far, the price has reached a high of $9.83. But it has failed to reach a close above the $8.40 horizontal resistance area. Additionally, the weekly RSI has failed to move above 50.

Both of these would be required in order to confirm the bullish trend reversal. In that case, the next resistance area would be at $15.

UNI/USDT Chart By TradingView Short-term support

The daily chart shows that UNI has been following an ascending support line since June 18. Currently, the line is at $7.45, coinciding with a horizontal support level. Therefore, it is possible that the line causes a bounce. This possibility is also supported by the daily RSI, which seems to be approaching the 50 line from above. 

If a breakdown were to occur, the 0.5-0.618 Fib retracement support levels at $5.80 to $6.60 would be likely to create a higher low, in turn resuming the upward movement.

UNI/USDT Chart By TradingView UNI wave count analysis

Cryptocurrency trader @Thetradinghubb tweeted a chart of UNI, stating that the price might have begun a new long-term bullish reversal.

Source: Twitter

The most likely wave count suggests that UNI has completed a five-wave upward movement, and is now in the process of completing an A-B-C corrective structure. If so, it is currently nearing the bottom of wave A. 

The most likely area for the correction to come to an end if between the 0.5-0.618 Fib retracement support levels at $5.80 – $6.60. A decrease to the 0.618 level at $5.80 would also sweep the lows of wave four, making it an ideal place for a bottom.

Afterward, the upward movement towards the $15 horizontal resistance area would be expected to continue.

UNI/USDT Chart By TradingView

For Be[in]Crypto’s latest Bitcoin (BTC) analysis, click here

The post Uniswap (UNI) Breaks out From 406-Day Resistance Line appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Resistance (RES) на Currencies.ru

$ 0.0018624 (+0.63%)
Объем 24H $3.518k
Изменеия 24h: 0.10 %, 7d: 11.67 %
Cегодня L: $0.0018624 - H: $0.0018624
Капитализация $0 Rank 3118
Доступно / Всего 0 RES

resistance uniswap line uni out breaks 406-day

Источник: beincrypto.com

resistance uniswap → Результатов: 44


Фото:

Uniswap price prediction: UNI faces resistance after a 45% upswing

Uniswap has surged slightly over 45% in the past 4 days as it left the descending triangle formation. However, its move up is now in question as the cryptocurrency faces a sell-wall. What will happen next, and should you consider investing in UNI now? Fundamental analysis: UNI pushes up on strong fundamentals Uniswap has, despite […] The post Uniswap price prediction: UNI faces resistance after a 45% upswing appeared first on Invezz.

2021-3-5 22:56


Фото:

Ethereum Could See Major Weakness if Bulls are Unable to Defend Key Level

Ethereum has seen some immense strength over the past few days, with bulls pushing it as high as $395 before it faced some intense selling pressure that slowed its ascent The cryptocurrency has been unable to garner any significant buying pressure above $390, likely due to Bitcoin’s position beneath its $11,000 resistance Once the benchmark cryptocurrency breaks through, it may create a tailwind that lifts ETH higher The recent launch of Uniswap’s UNI token seems to […]

2020-9-19 23:00


Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Uniswap (UNI) Retraces After Breakout From Long-Term Line

Uniswap (UNI) has been moving downward since reaching a high of July 28, but has potentially completed a short-term corrective structure. The post Uniswap (UNI) Retraces After Breakout From Long-Term Line appeared first on BeInCrypto.

Uniswap (UNI) Re-Tests $15 for First Time Since July

Despite breaking down from a short-term pattern, the longer-term bullish structure for Uniswap (UNI) still remains intact. The post Uniswap (UNI) Re-Tests $15 for First Time Since July appeared first on BeInCrypto.