Uniswap (UNI) Price Struggles To Overcome $6.8 Resistance

Christian Encila

2 years ago

3 mins read

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A Uniswap (UNI) recent market downturn has forced UNI’s trading range to shrink significantly. During the bull market in July, UNI jumped by more than 60 percent in just over two days, prompting the subsequent fall.

After this price increase, the weeks that followed showed a reversal pattern known as a “head and shoulders,” which eventually led to a price decline.

The price showed significant volatility over a 16-day period, as evidenced by the market’s historical statistics. This volatility pointed to a fierce battle between bulls and bears.

Chart: TradingView.com

The bears clearly won this war, as the price of Uniswap fell by 17.30 percent, as shown in the figure.

Prior to a price reversal, the regression channel shows the declining trend even more strongly. Due to this turn of events, the cost of Uniswap has risen from $5.745.00 to $6.459.00, a price hike of 13.54 percent.

Nonetheless, the coin went through another period of volatility as price swings were driven by bulls and bears. It happened after Uniswap bulls attempted a break above the 50% Fibonacci retracement line.

Chart: TradingView.com

The bears prevailed once again in the end. The coin’s price dropped by an additional 15.54 percent after this victory. The loss of 13.54 percent in nine days was fully wiped out by the catastrophe.

Uniswap’s trend has been on the rise since the most recent market meltdown, which has brought us to our current position. But a problem occurred as a result of the movement; it narrows to a point towards the conclusion.

The leading trend line served as resistance. The Stoch RSI rating indicates that the currency experienced a single strong sell signal at this point.

Uniswap Chart: TradingView.com

This alerted Uniswap speculators and traders to the possibility of another market correction. In this predicament, UNI’s price can only move in two directions: up or down.

1 – the price will surpass the psychological resistance of $6.8 and continue to rise, and

2 – Uniswap price will not stabilize at the 50% Fibonacci retracement level before retracing.

This speculative activity prevents dealers and investors from conducting business in the area. It stands at such a vital place as any breakouts can result in big gains and losses.

As of this writing, Uniswap bulls are aiming to hold their position above the 50% Fib mark.

If the price breaks upward, it will gain speed towards the 38.20 Fibonacci level and may perhaps surpass it. If the price falls, it should not fall below the $5.87 support level.

UNI total market cap at $4.5 billion on the daily chart | Source: TradingView.com

Featured image from Somag News, Chart: TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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