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UNI token price trades lower within a consolidation. Increasing bearishness may soon lead to a fall below $20.
UNI is the native token of Uniswap, a Layer 2 scaling solution. The project is focused on simplifying scalability and instant transactions on blockchains. Uniswap uses a modified version of the Plasma framework that is built on proof-of-stake checkpoints which run through the Ethereum main chain. Each sidechain of Uniswap can achieve 65,536 transactions per block thanks to this unique technology.
Past Performance of UNI
UNI coin price retraces back to the support zone near $22 after facing rejection from the 28 mark. UNI crypto price seems to resonate within a range of between $22 and $30.
Source - Tradingview
UNI Technical Analysis
UNI coin price represents lower price rejection with the long tail formations in the past few candlesticks. It may soon lead to a price jump as long tails projects grow in underlying bullishness.
Nonetheless, the solid resistance zone near the $28 mark will be difficult to break. Hence, we must wait with our bullish entries till the price rises above the resistance zone.
At press time, UNI token price is trading at $22.47. The price is 7.76% down in the last 24 hours. The downfall has brought the price closer to the support zone.
The price action of the UNI token suggests that the price may find support near the $20 and $15 support zone. Moreover, the bullish growth might struggle near the $30 resistance zone.
The 50-day Exponential moving average moves above the token price. Meanwhile, the 200-days EMA stands below the $22 support zone to hold the downfall.
Currently, the RSI indicator is at 41%. It is constantly making lower highs. Currently, it is falling and moving towards the oversold territory. Thus, underlying bearish pressures are gradually increasing. Investors must be patient and need to wait and watch if these indications lead to a downfall below the 200-day EMA. Till then, investors can hope for a bullish turnaround.
Day-Ahead and Tomorrow
As per the Uniswap technical analysis, the cryptocurrency represents a gradual rise in underlying bearishness, which impacts the price action. The support zone and 200-day EMA acts as the last stand before a downfall.
The Uniswap crypto is trading between the 50%($22) and 38.20%($25) Fibonacci pivot levels. The breakout of the 50% level can lead to a drastic bearish phase.