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Technical Analysis for UNIUSD for 2nd May 2023

Uniswap in a Bear Flag, UNI May Lose $5

Past Performance of UNI

Uniswap is within a broader, multi-month consolidation. Following recent losses, UNI remains under pressure but continues to trend above the all-important support of around $5. Clear from the daily chart, the trend is shaped by the Bull Run from June to August 2022. However, since buyers are unconfirmed, this has given way for sellers to take charge.

Uniswap Technical Analysis

UNI has support at around $5, flashing with March 2023 lows. The local resistance is at $5.7. The immediate trend is bearish, and the recent recovery resulted in a bear flag in a trend shaped by the slip from April 19. Traders can look to ride the trend, shorting on every recovery below $5.7, expecting more losses below last week's lows at $5 towards $4.7. This forecast will be null once UNI expands above $5.7, preferably with growing volumes.

What to Expect from UNI

UNI is down 30% from 2023 highs and remains within a broader consolidation. Critical support is at $5. If this level is lost, the token may drop to June 2022 lows in the long term in a bear trend continuation formation.

Resistance level to watch: $5.7

Support level to watch: $5

Disclaimer: Opinions expressed are not investment advice. Do your research.

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