Uniswap Price Prediction: UNI/USDT Trades Above the $8.00 Threshold
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Uniswap Price Prediction for October 31
Price action in the Uniswap daily market has continued to gain upward momentum in a stepwise manner. Price activity in this market can be seen trading within an upward-sloping price channel. Nevertheless, today’s trading activity has brought a slight downward retracement, but price action remains above key technical levels.
UNI/USDT Long-term Trend: Bearish (Daily Chart)
Key Price Levels:
Resistance: $8.500, $9.000, $9.500
Support: $7.500, $7.000, $6.500
The latest price candle here appears red but stands above all the applied Moving Average (MA) curves. Additionally, the candle retains a comfortable distance from the MA line below it. The Stochastic Relative Strength Index (RSI) indicator lines remain largely projected upward. The leading line of the indicator has poked through the 80 mark, showing only a slight deflection, which reflects the moderate downward pressure in this market.
Uniswap Price Prediction: UNI/USDT May Progress
While bearish activity has been prominent in the ongoing session, it seems possible for Uniswap bulls to regain control. This inference is drawn from the fact that price action remains above the MA lines. Although the latest price candle appears to show a potential downward retracement, the Stochastic RSI indicator lines stay generally projected upward.
The distance between the leading and lagging lines of this indicator suggests that volatility may support price movement. Consequently, traders may look beyond the immediate rejection and focus more on the recent overall trend in the market.
Uniswap Price Prediction: UNI/USDT Downward Forces May Be Slowing (4-Hour Chart)
The Uniswap 4-hour chart reveals how price action has progressed. The last three sessions on this chart show that downward forces have been active. However, the latest price candle appears with a very small body above the MA lines, suggesting that downward forces may be subsiding. Meanwhile, the Stochastic RSI lines have fallen sharply despite a moderate price decline.
Combining the price movement in the ongoing session with the activity of the Stochastic RSI, it could be said that the RSI’s activity seems a bit exaggerated. This hints that downward forces may quickly lose momentum, potentially allowing price action to rebound above the MA lines. Consequently, market participants might see the price rising back toward the $9.00 mark.