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UNI PRICE ANALYSIS:- PRICE TAKING SUPPORT ON 20MA BUT WILL IT BE ABLE TO BREAK THE RESISTANCE?

  • The trading volume of the UNISWAP token in the last 24hr at the time of writing this article is -31.59%
  • The Price of UNI/BTC and UNI/ETH at the time of writing this article is 0.0004194 BTC and 0.00673 ETH
  • Price is taking support on the 20MA

LONG TERM VIEW:-

In the daily chart time interval, it can be seen that  the price is taking support on the 20MA, and the 20MA has just crossed the 50MA. The price was not able to break the Resistance, and bears took the Price down. Let’s have a look at the technical analysis to see if the price is able to break the Resistance or not. Firstly, we can see the MACD shows green histograms as the MACD line is above the signal line, and both the lines are parallel, therefore the lines will not cross each other. In addition to that, we can see the RSI is in the neutral zone near 54, and the RSI line is pointing Sideways, meaning the bulls and bears are giving each other a good fight. Lastly, we can see the Moving average as the 20MA crosses the 50MA, which is bullish, and both 20MA and 50MA are above the 100MA.

Tradingview

SHORT TERM VIEW:-

In the 4hr time interval, we can see the MACD is showing red histograms as the MACD line is below the signal line, and there is no sign that the lines will cross each other soon. In addition to that, we can see the RSI is in the neutral zone near 52.13, and the RSI line is pointing towards the overbought zone of 70, meaning the bulls are winning the fight against the bears. Lastly, we can see that the Moving average in which the 20MA is above both 100MA and 50MA, but the 50MA is below the 100MA. 

Tradingview

CONCLUSION:-

Looking at both the long term and short term, we can see the Price is taking support on the 20MA, which is an excellent sign for the bullish trend, and we can see the Price is not able to go above the Resistance. If this run continues, we can see the Price will be able to break the Resistance, and if the 50MA crosses the 100MA, it will become a bullish move. So the trend is bullish only and only if the bulls keep this pressure. 

RESISTANCE:-$28,$31

SUPPORT:-$24,$21

Categories: News
Antonio K Smith: Antonio is a travel photographer by profession and came across the Crypto world during his profession. Since then his love, knowledge and interest towards the technology have increased. He brings his passion to create in his articles.