Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different forms 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 stress elevated
On 13 April, Uniswap [UNI] flipped its construction to bullish however confronted downward stress 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 value vary.
However the rally confronted a double blockage of 200-MA (Transferring Common) and the vary resistance, which may set it for a fast pullback.
Learn Uniswap’s [UNI] Value Prediction 2023-24
Extra rally or dump – which manner for UNI?
Supply: UNI/USDT on TradingView
After the breakout above the multi-week descending trendline, UNI confronted two value rejections on the $6.5 – $6.6 vary resistance. For the previous few days, the candlesticks closed under the 200-MA, making it a key dynamic resistance stage too. As such, the worth motion confronted double blockage that would tip sellers to realize market entry.
Shorting on the present stage may provide a very good danger ratio if the pullback drops to the descending trendline stage of $6.0. Nonetheless, the 50-EMA stage of $6.102 may additionally gradual the dump. Subsequently, one other value rejection at $6.5 – $6.6, particularly if BTC fails to surge past $30.4k, may provide a very good shorting alternative.
A detailed above $6.6 will invalidate the above bearish thesis. A bullish BTC may speed up such an upswing, setting UNI bulls to focus on the $7 psychological stage. The following resistance stage lay at $7.5.
In the meantime, the Relative Power Index (RSI) registered an uptick, indicating elevated shopping for stress. Then again, the stochastic RSI retreated however virtually hit the impartial stage. It steered the bulls had the higher hand, however promoting stress wasn’t distant.
However, the Common Directional Index (ADX) elevated, indicating the current rally hasn’t waned off.
Buying and selling quantity declined; promote stress elevated
Supply: Santiment
Is your portfolio inexperienced? Examine UNI Revenue Calculator
UNI’s buying and selling volumes peaked round 9 – 10 April, as proven by the energetic addresses (yellow bars). Publish which, the energetic addresses declined, undermining buying and selling volumes and will expose UNI to elevated promoting stress.
Curiously, there was an uptick in provide on exchanges at press time – proof of short-term promoting stress. Then again, provide outdoors of exchanges, which signifies short-term accumulation, dipped decrease, reiterating the rising short-term promote stress.
