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Home»EXCHANGE NEWS»UNI Price Prediction – Uniswap Recovery May Be Limited
EXCHANGE NEWS

UNI Price Prediction – Uniswap Recovery May Be Limited

By Crypto FlexsApril 13, 20243 Mins Read
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UNI Price Prediction – Uniswap Recovery May Be Limited
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UNI price went into the red and fell below the $10.00 support line. Uniswap is showing many bearish signs and a recovery may face a hurdle near $10.00.

  • UNI began a new decline below the $10.00 support zone.
  • The price is trading below $9.50 and the 100 simple moving average (4-hours).
  • On the 4-hours chart of the UNI/USD pair, there is a major bearish trendline forming with resistance near $10.25 (data source from Kraken).
  • The pair may recover, but the upside may be limited above $10.00.

UNI prices take a hit

After the SEC news, UNI began a big decline. Selling pressure on Uniswap increased below the $12.00 pivot level. The price fell more than 15% and was trading below the $10.00 support line. This has also increased pressure on Bitcoin and Ethereum.

There was also a decline below the $9.20 level. The price traded as low as $8.72 and is still showing many signs of weakness. There is also a major bearish trendline forming with resistance near $10.25 on the 4-hours chart of the UNI/USD pair.

UNI price is currently trading below $10.00 and the 100 simple moving average (4-hours). Immediate upside resistance is near the $9.45 level. This is near the 23.6% Fib retracement level of the downward move from the $11.79 swing high to the $8.72 low.

The next major resistance is near the $10.25 level or the trend line. This is consistent with the 50% Fib retracement level of the downward move from the $11.79 swing high to the $8.72 low.

Source: TradingView.com UNIUSD

A break above the $10.25 level could open the door to further gains in the near term. The next major resistance could be near $11.80, above which a test of the $12.00 level is likely to be targeted. More gains could lead UNI to $13.50.

Will there be more losses on Uniswap?

If the UNI price fails to rise above $9.45 or $9.50, it may continue to fall. The first major support is near the $8.70 level.

The next major support is near the $8.50 level. A break below the $8.50 support could open the door for an advance towards $7.65.

technical indicators

4-Hour MACD – The MACD for UNI/USD is gaining momentum in bearish territory.

4-Hour RSI (Relative Strength Index) – The RSI for UNI/USD is below the 25 level.

Key support levels – $8.70, $8.50, $7.65.

Key resistance levels – $9.45, $10.00, $10.25.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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