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Cryptoknowmics 2022-10-01 09:22:35

UNI Technical Analysis: Rising Supply Inflow EMAs Signal 10% Drop

The UNI Technical Analysis displays a bullish weakness to cross above the 100-day EMA despite a phenomenal increase of 25% over the last two weeks. The UNI price action displays a rising trend approaching the overhead resistance of the 100-day EMA at $6.7. Currently, the price action shows a consolidation between the $6.7 mark and the 50-day EMA, with multiple low price rejection candles increasing the bullish breakout. So, should you consider taking in early bullish trade in Uniswap? Key Points: The Uniswap price action shows multiple low price rejection candles in the daily chart. The bullish break of the consolidation range will result in a bullish crossover of the 50 and 100-day EMA. The intraday trading volume in Uniswap is $168 million. Source – TradingView UNI Technical Analysis The UNI price action displays a bearish failure to knock down the crucial psychological support level of $5, resulting in a bullish reversal. The recovery rally account for a price of 25% in the last two weeks and challenges the 100-day EMA. Currently, the price action displays the consolidation range between the 50 and 100-day EMAs below the overhead resistance of $6.7. In addition, the increase in trading volume supports the lower price rejection candles increasing the possibility of a bullish breakout. Therefore, sideline traders can shortly expect a bullish entry opportunity with the breakout of the resistance confluence. The breakout of $6....

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