UNI rate returned to important uplink support

UNI rate returned to important uplink support

(AV15565) Current Issues in Nutrition (Uplink) Information and Misinformation 1/6

Contents

UNI rate returned to important uplink support
CONTENT

  • UNI course made a bullish break from a long-term downward parallel channel.

  • Now the price is trading within a short-term upward parallel channel.

  • Support and resistance are located at $ 3.60 and $ 5.50, respectively..

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The Uniswap (UNI) rate made a bullish breakout from the downtrend channel on November 5 and has been strengthening since then. Now the price is trading inside an important support area.

The price behavior at current levels will be decisive for determining its further direction and maintaining the current uptrend.

Read also: Uniswap lost 40% liquidity amid the end of UNI pharming

UNI rate returned to important uplink support

The price of the token of the Uniswap project (UNI) has been trading within a descending parallel channel since September 20. On November 5, the price reached a low of $ 1.75, and then began to rally, the next day, making a bullish breakout from the channel.

Subsequently, the market noted a local maximum at $ 4.25.

The nearest important resistance is now at $ 5.50.

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UNI chart. Source: TradingView

UNI has important support

Analysis of the 2-hour chart shows that the UNI rate is inside a shorter-term upward parallel channel and the price is currently testing its support.

In addition, the market may be trading within a falling wedge pattern, which is generally considered a bullish reversal pattern..

UNI chart. Source: TradingView

However, the MACD indicator is declining, and the RSI index is below 50, so there are no clear signs of a reversal yet..

In this regard, the UNI rate may have turned out to be at a suitable level for a rebound, although we do not see any convincing signs of this so far, so we cannot say with certainty that this will happen..

UNI chart. Source: TradingView

What’s next

Cryptocurrency trader @PostyXBT shared the UNI chart on Twitter, commenting that while the support area of ​​$ 3.60 holds, the token As the use of cryptocurrencies grows, new types of tokens are emerging. They can represent value or something intangible like voices. Two … More will maintain upside potential towards $ 4.65.

Source: Twitter

At the time of writing the analysis, UNI is again trading around $ 3.60. This area can play a supporting role. In addition, it coincides with the support line of the aforementioned upward channel..

In this regard, we can see the start of growth from these levels, although technical indicators have not yet signaled an upcoming similar move. In the process of such growth, UNI may reach the next resistance in the area of ​​$ 5.50.

In case of a bearish scenario, the market will make a bearish breakout and aim at the $ 3 area, where the Fibo level of 0.5 of the correction of the recent growth passes.

UNI chart. Source: TradingView

Conclusion

Thus, the UNI course is now testing an important support level for strength. At the same time, there are no signs of a bullish reversal on the charts..

UNI rate returned to important uplink support

The price behavior in this area will determine the further direction of the trend..

You can read the latest Bitcoin forecast here.

Disclaimer: Cryptocurrency trading involves a high level of risk and is not suitable for all investors. The opinion expressed in this forecast does not reflect the opinion of the editorial staff of BeInCrypto.

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