Uniswap (UNI/USD) Market May Retrace at $7 Soon
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Uniswap Price Prediction – October 6
The UNI/USD trading activities have been on quite a while in a rallying motion that currently suggests that the crypto market may retrace at the $7 line soon. As of the time of writing, the trading outlook carries a minute trait of positivity at 0.51around the $6.85 transaction level.
UNI/USD Market
Key Levels:
Resistance levels: $7.50, $8, $8.50
Support levels: $6, $5.50, $5
UNI/USD – Daily Chart
The daily chart showcases the crypto-economic market may retrace at the $7 trading level soon after as a smaller bullish candlestick that emerges during today’s operation tends to revert to a top shadow pattern to signify a reversal signal. The 14-day SMA indicator is at $6.3346151, underneath the $6.6808094 value line of the 50-day SMA indicator. The Stochastic Oscillators are in the overbought region, seemingly attempting to close their lines southbound at 100 and 97.18 range values.
Should traders begin shorting their positions as the UNI/USD market reaches the $7 level?
Variant smaller stable bearish candlesticks have to form in a convergence mode around the trend line of the 50-day SMA to affirm the greater possibility of the price resuming a declining move, as already titled that the crypto market may retrace at the $7 soon. It would be unprecedented if a spike suddenly surface around its current trading zone. And that could propel the market situation to high-trading zones for rejections in the long run.
On the downside of the technical analysis, further northward pushes above the 50-day SMA trend line will likely be to let the market hit resistances that can, in the process, cause the UNI/USD market bears to regain their strength against bulls. Sellers need to be wary of the crossing of the smaller SMA from the underneath to the northward against the bigger SMA because that can be the market may stay afloat through some resistances for a long-term basis.
UNI/BTC Price Analysis
Uniswap attempts trending higher against some trading barrier points over the trend lines of the SMAs, pairing with the trending force of Bitcoin. The cryptocurrency pair price may retrace around its current trading zone if it is unable to break out at the upper bearish trend line drawn soon. The 14-day SMA indicator has briefly curved northward above the 50-day SMA indicator. The Stochastic Oscillators have briefly decompressed southbound from the overbought region to 74.17 and 71.66 range values. That indicates the counter crypto tends to press back against the base trading crypto.
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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