Technical Analysis for UNIUSD for 2nd May 2023
Uniswap in a Bear Flag, UNI May Lose $5
Past Performance of UNI
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
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