Uniswap (UNI/USD) Price Sustains Corrections Below $6.50
March 17, 2023
Uniswap Price Prediction – March 16
A contradicting-trade session has not played out in the UNI/USD market operations, even though a rallying motion that occurred recently has resorted to losing momentum as the crypto price sustains corrections below the $6.50 line. Less possession of energy in the upsurging valuation of the US Dollar has been observed at 0.27%, trading around $5.9510639. It shows that the longing for positions has to be cautiously at this point to avoid an unnecessary whipsawed bullish-trading cycle in no time.
Resistance levels: $6.50, $7, $7.50
Support levels: $5, $4.50, $4
UNI/USD – Daily Chart
The UNI/USD daily chart showcases the crypto price sustains corrections below $6.50. The 14-day SMA trend line attempts to cross the 50-day SMA trend line to the south side to affirm a declining outlook afterward. The situation still portends the possibility of going back through the previous wall toward the $5 support level before reclaiming its upstanding strides. The Stochastic Oscillators have traversed northward to a position at 70.65 and 71.18 points in a manner of trying to close their lines. That indicates a pause motion is showing up as of this time.
Will the UNI/USD trade keep to fall-offs condition for long underneath the $6.50 resistance level?
Since the UNI/USD price continues to correct below the value line, a prolonged holding of sell-off sessions may continue around the $6.50 resistance level. The forces to support the moves to the north direction remain dicey at a positive average percentage rate of about 30. While waiting for prices to rise again, investors may continue to place orders toward the $5 support level.
On the reduction-moving side of the technical analysis, selling position orders may continue to form a re-occurrence-resistant pattern around $6.50 or an extension of $7 in the long run. While that presumption tends to materialize, the situation will likely produce chances to shorting order entries. Instant shorting executions will need to be safeguarded between those locations as they already are.
UNI/BTC Price Analysis
Uniswap’s trending capability, juxtaposed with Bitcoin, has resorted to further free-falls sessions to intensely uphold corrections below the SMA trend lines at a far trading spot. The 14-day SMA indicator is underneath the 50-day SMA indicator. The Stochastic Oscillators have dipped southbound into the oversold region at 5.95 and 4.40 levels to signify the base crypto economy is still under a falling force. According to the present forecast, a few days will have to be to give birth to a reformation of the pattern to get the depletion of dropping pressures before reclaiming the baseline to reveal the start of swing highs later.
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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