Technical Analysis for UNIUSD for 16th March 2023
Uniswap in a Bull Flag, Down 10% with Resistance at $6.5
Past Performance of UNI
Uniswap Technical Analysis
The uptrend is valid at spot rates. However, for buyers to stem recent losses, they must break above the descending channel and surge above $6.5, ideally with increasing volumes. Before then, confirmation of yesterday's losses may see Uniswap prices drop to $5.5, an opportunity for sellers to double down. Further dips below this reaction line flashing with the 78.6% Fibonacci retracement level of the November to February trade range may see UNI slip to November lows at around $5.
What to Expect from UNI
Buyers are upbeat, but sellers are adamant, reading from the recent UNI arrangement. As it is, traders remain optimistic, but whether this will pass depends on if bulls will flow back. Comprehensive gains above the descending channel of this bull flag will cement the December to February uptrend.
Resistance level to watch: $6.5
Support level to watch: $5.5
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