Uniswap

<ul>
 <li>Uniswap (UNI) price rallied 42% in a 7-day frame but recently experienced a 4.79% drop.</li>
 <li>UNI invalidated the long-term sideways pattern and broke out of the $6.66 to $8.25 zone.</li>
 <li>Investors are taking profits, as indicated by the drop in the Sentiments Market Value to Realized Value (MVRV) from 35% to 25%.</li>
</ul>
<a href="https://thenewscrypto.com/?s=uniswap" target="_blank" rel="noopener noreferrer nofollow">Uniswap </a>(UNI), the governance token of the decentralized exchange Uniswap, has recently experienced a significant price rally, gaining 42% in a 7-day period.
However, the token’s price action has turned negative, with a 24-hour drop of 4.79%, currently trading at $10.99. Additionally, Uniswap’s 24-hour trading volume has decreased by 36.5% to 332 million, suggesting a loss of momentum in the uptrend.
On-chain data indicates increased selling pressure, with investors taking profits and exiting their positions. The recent price action has invalidated the long-term sideways pattern, with <a href="https://thenewscrypto.com/?s=UNI" target="_blank" rel="noopener noreferrer nofollow">UNI </a>breaking out of the $6.66 to $8.25 zone. Despite the bullish breakout, the price is now facing resistance and has started to correct from the $11.5 level.
<h2 class="wp-block-heading" id="h-uniswap-s-uncertain-trend">Uniswap’s Uncertain Trend</h2>
UNI faced rejection at the order block zone of $11.5, with critical support levels located at $10.7 and a stronger one at $8.60. The 4-hour price chart reveals that the asset is approaching a channel pattern, and a breach below the $10.7 support could trigger a significant price drop.
The Relative Strength Index (RSI) currently stands at 72.29, above the overbought threshold of 70. This indicates that the asset is overbought, and a drop below this level would be a clear sell signal. However, if bulls resist and push the RSI above 70, a price rebound may be possible.
<h2 class="wp-block-heading" id="h-investors-taking-profits">Investors Taking Profits</h2>
The Sentiments Market Value to Realized Value (MVRV) has dropped from 35% to 25% on Saturday, indicating that buyers who entered the market last month are now sitting on 25% profits. The exit of these holdings may lead to a further 8% price drop, as investors look to lock in their gains.
Trade Setup for UNI
<ul>
 <li>Trend: Neutral to Bearish</li>
 <li>Entry: Near $10.7 (if the trend line is not broken) or WAIT</li>
 <li>Stop Loss: $10</li>
 <li>Take Profit: 12% to 15% (if the upper level of $11.8 is breached)</li>
</ul>
Uniswap’s recent price rally has been impressive, but the token now faces uncertainty as investors take profits and mixed indicators emerge. The rejection at the $11.5 order block and the approaching channel pattern suggest a potential bearish trend, with critical support levels at $10.7 and $8.60.

Uniswap (UNI) Price Faces Uncertainty as Investors Take Profits Amid Mixed Indicators

Innehållsförteckning

TheNewsCrypto

Andra artiklar publicerade 27 maj 2024

PEPE Investors See Significant Gains

Ethereum Price Rises Significantly in Recent Weeks

Ether price could hit $4.5K before ETH ETF: DeFiance Capital founder

The Ultimate Memecoin and Altcoin Combo

Dogecoin Poised For 700% Explosion To $1.17 Amid Recovery In Major Metrics

BlockDAG Soars with $34M Presale Boom, Influencers Fueling Growth Beyond Bitcoin Cash and THORCha...

Prenumerera på vårt nyhetsbrev och få kryptouppdateringar varje dag!