Uniswap (UNI) Price Struggles To Overcome $6.8 Resistance
September 14 2022 - 4:20AM
NEWSBTC
A Uniswap (UNI) recent market downturn has forced UNI’s trading
range to shrink significantly. During the bull market in July, UNI
jumped by more than 60 percent in just over two days, prompting the
subsequent fall. After this price increase, the weeks that followed
showed a reversal pattern known as a “head and shoulders,” which
eventually led to a price decline. The price showed significant
volatility over a 16-day period, as evidenced by the market’s
historical statistics. This volatility pointed to a fierce battle
between bulls and bears. Related Reading: Terra Dries Up As LUNA
Sheds 40% From Recent High Chart: TradingView.com The bears clearly
won this war, as the price of Uniswap fell by 17.30 percent, as
shown in the figure. Prior to a price reversal, the regression
channel shows the declining trend even more strongly. Due to this
turn of events, the cost of Uniswap has risen from $5.745.00 to
$6.459.00, a price hike of 13.54 percent. Nonetheless, the coin
went through another period of volatility as price swings were
driven by bulls and bears. It happened after Uniswap bulls
attempted a break above the 50% Fibonacci retracement line. Chart:
TradingView.com The bears prevailed once again in the end. The
coin’s price dropped by an additional 15.54 percent after this
victory. The loss of 13.54 percent in nine days was fully wiped out
by the catastrophe. Uniswap’s trend has been on the rise since the
most recent market meltdown, which has brought us to our current
position. But a problem occurred as a result of the movement; it
narrows to a point towards the conclusion. The leading trend line
served as resistance. The Stoch RSI rating indicates that the
currency experienced a single strong sell signal at this point.
Related Reading: Chainlink Integrates New Tech, And It’s Going
Green – Healthy For LINK? Uniswap Chart: TradingView.com This
alerted Uniswap speculators and traders to the possibility of
another market correction. In this predicament, UNI’s price can
only move in two directions: up or down. 1 – the price will
surpass the psychological resistance of $6.8 and continue to rise,
and 2 – Uniswap price will not stabilize at the 50% Fibonacci
retracement level before retracing. This speculative activity
prevents dealers and investors from conducting business in the
area. It stands at such a vital place as any breakouts can result
in big gains and losses. As of this writing, Uniswap bulls are
aiming to hold their position above the 50% Fib mark. If the price
breaks upward, it will gain speed towards the 38.20 Fibonacci level
and may perhaps surpass it. If the price falls, it should not fall
below the $5.87 support level. UNI total market cap at $4.5 billion
on the daily chart | Source: TradingView.com Featured image from
Somag News, Chart: TradingView.com
Uniswap (COIN:UNIUSD)
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Uniswap (COIN:UNIUSD)
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