Uniswap (UNI/USD) Market May Decompress Below $7
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Uniswap Price Prediction – October 20
It shows that the Uniswap market may decompress below the $7 trading line against the US Dollar as an upward motion seems to be getting exhausted after featuring lower-ups. Price trades around the $6.46 point at an average percentage rate of 1.78 negative.
UNI/USD Market
Key Levels:
Resistance levels: $7, $7.50, $8
Support levels: $5, $4.50, $4
UNI/USD – Daily Chart
The daily chart showcases the UNI/USD market operation may decompress below the $7 resistance trading level. The 50-day SMA indicator is at a $6.60 value line over the $6.35 value point of the 14-day SMA indicator. The upper bearish line and the horizontal line drawn are to let the traders nurse the notion that the trending outlook of the market still falls under a triangular bearish pattern. The Stochastic Oscillators have traveled northbound from the oversold region to 56.64 and 64.67 range values. And the blue line appears to curve eastward over the red line to suggest the possibility of closing soon.
At the current trading point of the UNI/USD market, can the price manage to surge past $7?
The present trading outlook portends the UNI/USD trade tends to lack the required gravitational pressure as the crypto market may decompress below the $7 resistance level. That said, the crypto economy may spike for a test of resistance around the point to complete an upward move before reverting to a retracement thereof. Buyers need to be strategic and cautious about placing a buying order around the market point in question.
On the downside of the technical analysis, the UNI/USD market bears may make a comeback soon. A sustainable breakout of the $7 resistance level will lead the market to look for a touch of a higher resistance-trading zone around the $7.50 level. Short-position placers would have to make a 1-hour chart instrumental in their decision while executing a selling order.
UNI/BTC Price Analysis
The uni swap market has been striving to trade against the trending force of Bitcoin around the trend lines of the SMAs. The 14-day SMA indicator is closely above the 50-day SMA indicator. And they are in the arrangement pattern of a triangular outlook. The Stochastic Oscillators have crossed northbound from the oversold region to 53.51 and 65.13 range values. And they are now seemingly attempting to cross back southward as a bearish candlestick is in the making to signify that a decline is in the offing.
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