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Technical Analysis for UNIUSD for 16th March 2023

Uniswap in a Bull Flag, Down 10% with Resistance at $6.5

Past Performance of UNI

On March 15, UNI prices fell 10%, swinging back to bearish territory and reversing gains of early this week. The downtrend remains, and the token is within a bull flag with support at around $5.5, flashing with last week's lows.

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

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

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