UNI Price Prediction – Uniswap Recovery Could Remain Capped
April 12 2024 - 12:58AM
NEWSBTC
UNI price turned red and declined below the $10.00 support. Uniswap
is showing many bearish signs and recoveries could face hurdles
near $10.00. UNI started a fresh decline below the $10.00 support
zone. The price is trading below $9.50 and the 100 simple moving
average (4 hours). There is a key bearish trend line forming with
resistance near $10.25 on the 4-hour chart of the UNI/USD pair
(data source from Kraken). The pair might recover but the upsides
might be limited above $10.00. UNI Price Takes Hit After the SEC
news, UNI started a major decline. There was an increase in selling
pressure on Uniswap below the $12.00 pivot level. The price
declined over 15% and traded below the $10.00 support. It also
increased some pressure on Bitcoin and Ethereum. There was also a
drop below the $9.20 level. The price traded as low as $8.72 and it
is still showing many bearish signs. There is also a key bearish
trend line forming with resistance near $10.25 on the 4-hour chart
of the UNI/USD pair. UNI price is now trading well below $10.00 and
the 100 simple moving average (4 hours). Immediate resistance on
the upside is near the $9.45 level. It is near the 23.6% Fib
retracement level of the downward move from the $11.79 swing high
to the $8.72 low. The next key resistance is near the $10.25 level
or the trend line. It coincides with the 50% Fib retracement level
of the downward move from the $11.79 swing high to the $8.72 low.
Source: UNIUSD on TradingView.com A close above the $10.25 level
could open the doors for more gains in the near term. The next key
resistance could be near $11.80, above which the bulls are likely
to aim a test of the $12.00 level. Any more gains might send UNI
toward $13.50. More Losses In Uniswap? If UNI price fails to climb
above $9.45 or $9.50, it could continue to move down. The first
major support is near the $8.70 level. The next major support is
near the $8.50 level. A downside break below the $8.50 support
might open the doors for a push toward $7.65. Technical Indicators
4-Hours MACD – The MACD for UNI/USD is gaining momentum in the
bearish zone. 4-Hours RSI (Relative Strength Index) – The RSI for
UNI/USD is below the 25 level. Major Support Levels – $8.70, $8.50,
and $7.65. Major Resistance Levels – $9.45, $10.00, and $10.25.
Uniswap (COIN:UNIUSD)
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