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

Зміст

TheNewsCrypto

Інші статті, опубліковані 27 трав. 2024 р.

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