Uniswap (UNI/USD) Market Remains in a Light Correction Mode
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Uniswap Price Prediction – December 16
It happens that the UNI/USD market remains in a light correction mode as bears are yet to intensify their stances maximally to the downside at the expense of bulls’ weaknesses. As of the time of writing, the price keeps a minute percentage rate of 0.02 positive, trading at the $5.7994297 value line.
UNI/USD Market
Key Levels:
Resistance levels: $6.50, $7, $7.50
Support levels: $5, $4.50, $4
UNI/USD – Daily Chart
The UNI/USD daily chart showcases that the crypto market remains in light correction mode closely around the trend line of the smaller SMA. The 14-day SMA indicator is at $5.9484284 underneath the $6.2147602 value line of the 50-day SMA indicator. The Stochastic Oscillators have crossed southbound, dipping into the oversold region at 13.10 and 0.10 levels. That indicates the ongoing declining pressures are gradually heading to an exhaustion outlook in the nearest possible time.
Will the UNI/USD market continue to see downward pressure below the SMA trend lines?
The UNI/USD market bears have somewhat shifted their actions, and the cryptocurrency market is still in a light correction mode just below the smaller SMA. A bullish candlestick has to emerge for affirmation and confirmation of the possibility of witnessing a rebirth of profit-gaining moments. And that assumption could be forthcoming after buyers are on the lookout, exercising patience.
On the downside of the technical analysis, short-position placers are to exercise caution to ensure that the path to the south reshapes to get a better deal for shorting entries. Along with the impact of such mood, price also tended to yield more to a developing devaluating-moving force near the 14-day SMA trend line. Sellers have to stay away from executing any order for now.
UNI/BTC Price Analysis
In comparison, Uniswap has given up the chance of letting Bitcoin push it to a logical lower-trading zone around the bigger SMA trend line. In other words, the market for cryptocurrency pairs is still slightly correcting. The red 14-day SMA indicator is over the yellow 50-day SMA trading indicator. The Stochastic Oscillators are in the oversold region, trying to cross their lines northbound at 1.75 and 3.15 levels. It implies the base trading instrument is striving and preparing the grand to swing against the force of its counter-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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