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Price Analysis

Uniswap (UNI) in a Boring Sideways Movement Above Critical Support at $22



Whats next for Uniswap

Uniswap is a prime demonstration of crypto’s innovation.

The dynamism of the promising sector shows through facilitating ramps.

CEXes may play a critical role in joining the traditional with modern. Still, Uniswap aptly demonstrates the capabilities of self-priming, non-custodial systems.

Uniswap is governed by the people using UNI, making the project one of the most valuable in the sphere.

Uniswap Market Performance and Price Status

UNI is presently changing hands at $25, gifting it a market cap of $15.9 billion from a circulating supply of 627.6 million coins in circulation.

Traders expect this valuation to be higher.

Uniswap Daily Price Chart for November 5

Presently, UNI/USDT prices are flat-lining between an $8 zone with identifiable caps at $30 to the upside and $22 as the primary support.

The sideways movement could be an accumulation or a distribution depending on the breakout direction.

If buyers take charge, a close above October’s highs at around $28 may build the foundation for a surge above $30 in a buy trend continuation.

This would fulfill buyers of early Q3 2021 and be the fuel for another welcomed leg up towards all-time highs of around $43.

Meanwhile, a dump below $22 validates late October and September losses, setting the pace for a possible retest of $17 and later $15.

Overall, considering the state of UNI/USDT price action, savvy traders may adopt a wait-and-see approach until there is a trend definition.

Depending on the market-defined trajectory, traders can commit.

Even still, the breakout should be with high trading volumes pointing to participation.

At the same time, the bar ought to be wide-ranging, breezing past identified limits.

UNI Breakout to $50 Imminent

On Trading View, one trader observes that the UNI/USDT price has low volatility inside a rising wedge.

Uniswap bullish breakout

He predicts buyers to take control, and in the resulting move up, the token would blast above $28 and $30 in a lift-off that would take it to all-time highs.

Supporting the analyst’s outlook is a favorable candlestick layout and technical indicators.

For instance, the stochastic momentum indicator is in the oversold territory with a buy signal, pointing to possible demand in the short term.

Based on the candlestick arrangement of the UNI price chart, therefore, the token appears easy to trade.

He explains that losses below $22—a critical support line—nullify the uptrend, shifting price action in favor of sellers. In that eventuality—and mentioned earlier—the token might slide to $17 and later $15.

Uniswap Pennant Breakout

In the 4HR chart, another trader on Trading View agrees that buyers are in control.

Although prices are wavy when writing, there are hints of strength in lower time frames.

Uniswap pennant close to $35

Per the trader’s approximation, a close above $30 would continue the smaller time frame breakout above the pennant, a base for even more gains. The primary resistance in the current UNI/USDT setup is at $28.

Therefore, a close above this mark would prop buyers angling for $35 in the medium term.

Uniswap Traders to be Cautious

Confidence may be the word across the board, but one trader on YouTube is urging caution.

The failure of buyers to reverse losses of October 27 is quite telling, calling into question the strength of buyers.

Meanwhile, the short-term trend depends on the reaction at $22 as accumulation—and sideways movement—continues.

Charts courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.

Passionate about Blockchain, Crypto, Blockchain, and Bitcoin. Excited of what lies ahead. Advocating adoption. HODLer!

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