Uniswap (UNI/USD) Market Is Struggling to Rally Below $7
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Uniswap Price Prediction – November 17
Buying and selling activities have centered on a motion indicating that the UNI/USD market is struggling to rally from around the $5 toward the $7 resistance line. As of the time of writing, the price trades around $5.9477, keeping an average percentage rate of 0.6.
UNI/USD Market
Key Levels:
Resistance levels: $7, $7.50, $8
Support levels: $5, $4.50, $4
UNI/USD – Daily Chart
The UNI/USD daily chart reveals the crypto market is struggling to rally below the $7 resistance level. The 14-day SMA indicator is around $6.3096, underneath the $6.5238 value line of the 50-day SMA indicator. The horizontal line drew at $4. The Stochastic Oscillators have positioned slightly above the range of 40, maintaining 43.85 and 43.79 levels. A bearish candlestick has formed, indicating that forces to the upside are at risk of being exposed to a correction.
Will the UNI/USD market abruptly reverse its stance to retest the $5 support level?
As of the writing, the UNI/USD trade seems to have encountered a strong-high trading line below the $7 resistance as the crypto market is struggling to rally toward the value line. An abrupt reversal motion may not achieve in the near session purposely to retest the $5 support level. Buyers will recuperate energy on the market’s threshold by bouncing back up while the price tempts to dip to complete a descending move.
On the downside of the technical analysis, the $7 resistance level remains the main barrier-trading spot to any possible ups. Therefore, if that assumption holds for a long time, bulls will tend to lose momentum. A bearish candlestick that occurred yesterday signifies that the UNI/USD market will probably suffer losses in a gradual-moving mode. Short-position placers may not be having their entries decently, and most of the time, when a falling pressure tends to play out.
UNI/BTC Price Analysis
In comparison, Uniswap’s shooting ability with Bitcoin has reached a higher-trading spot, denoting the pairing crypto has to face a retracement-moving market. With the formation of a bearish candlestick, bears will likely take control of the moves. The 14-day SMA indicator is above the 50-day SMA indicator. The Stochastic Oscillators have traveled northbound closer to the range of 80, trying to cross back southbound at 75.94 and 72.82 levels.
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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