Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion
- UNI was bullish on the 12-hour chart
- Buying and selling volumes declined; short-term promoting strain elevated
On 13 April, Uniswap [UNI] flipped its construction to bullish however confronted downward strain close to the $6.5 – $6.6 vary resistance. At press time, UNI surged and traded at $6.3, after Bitcoin [BTC] reclaimed the $30k worth vary.
However the rally confronted a double blockage of 200-MA (Transferring Common) and the vary resistance, which might set it for a fast pullback.
Learn Uniswap’s [UNI] Value Prediction 2023-24
Extra rally or dump – which manner for UNI?
After the breakout above the multi-week descending trendline, UNI confronted two worth rejections on the $6.5 – $6.6 vary resistance. For the previous few days, the candlesticks closed beneath the 200-MA, making it a key dynamic resistance stage too. As such, the value motion confronted double blockage that would tip sellers to realize market entry.
Shorting on the present stage might supply a very good threat ratio if the pullback drops to the descending trendline stage of $6.0. Nonetheless, the 50-EMA stage of $6.102 might additionally sluggish the dump. Subsequently, one other worth rejection at $6.5 – $6.6, particularly if BTC fails to surge past $30.4k, might supply a very good shorting alternative.
An in depth above $6.6 will invalidate the above bearish thesis. A bullish BTC might speed up such an upswing, setting UNI bulls to focus on the $7 psychological stage. The subsequent resistance stage lay at $7.5.
In the meantime, the Relative Energy Index (RSI) registered an uptick, indicating elevated shopping for strain. Alternatively, the stochastic RSI retreated however virtually hit the impartial stage. It prompt the bulls had the higher hand, however promoting strain wasn’t distant.
Nonetheless, the Common Directional Index (ADX) elevated, indicating the current rally hasn’t waned off.
Buying and selling quantity declined; promote strain elevated
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UNI’s buying and selling volumes peaked round 9 – 10 April, as proven by the lively addresses (yellow bars). Publish which, the lively addresses declined, undermining buying and selling volumes and will expose UNI to elevated promoting strain.
Curiously, there was an uptick in provide on exchanges at press time – proof of short-term promoting strain. Alternatively, provide outdoors of exchanges, which signifies short-term accumulation, dipped decrease, reiterating the rising short-term promote strain.