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If Uniswap pricing reclaims this level, a 14% rebound may begin

Analytics

coinnounce.com 25 November 2022 08:42, UTC
  
Reading time: ~2 m

After failing to overcome its initial resistance at $5.49, the Uniswap price is presently trading at $5.37. To start a run higher to $6.1, UNI has to convert the crucial resistance at $5.07 into support.

The pricing is still bearish.

The bullish thesis would be invalidated if the alternative currency lost its support floor at $4.99, which would cause a dip to $4.73. The Uniswap price (1) has maintained its gain from 48 hours ago over the past three days by adhering to the general optimistic market indications. Owners of UNI tokens can still make money if the price of the Decentralized Finance (DeFi) token rises to this level, even though sentiment appears to have changed a little.

The price of Uniswap dropped, reaching $5.37 at the time of writing after nearly passing its first barrier at $5.49. The cryptocurrency started to trend downward after it failed to close above this level. If purchasing pressure takes precedence, UNI could be able to reverse this momentum. The market is far from overheating since the Relative Strength Index (RSI) (2) is still in the negative, neutral zone. Uniswap pricing may become positive once more if bulls acquire control throughout the upcoming trading sessions.

Image source: Tradingview.com

The predicted outcome

The DeFi token would then be able to break past $5.49 and climb toward its crucial barrier at $5.70 as a result. For Uniswap pricing to advance toward $6.14, tagging which would signify an upward trend, this level would need to be transformed into a support floor—a gain of 14% for UNI.

However, once the indicator's black dots went above the candlesticks, the Parabolic Stop and Reverse (SAR) did begin to turn bearish. This shift in position shows that the cryptocurrency is now in decline, which might give the bears continued power. The Uniswap price may drop through its crucial resistance level at $4.99 and its immediate support level at $5.23. The bullish argument would be refuted with a daily candlestick closure below this price, driving UNI to its monthly lows of $4.73.


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