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Technical Analysis for UNIUSD for 24th November 2022

Uniswap within a Bullish Pattern, UNI Strong Support at $5

Past Performance of UNI

Uniswap is remarkably resilient at spot rates, steadying above the multi-week support line and within a bullish path from a top-down preview. In the last 24 hours, UNI rose three percent, and prices remain inside the November 9 bearish engulfing bar, a bearish preview.

Uniswap Technical Analysis

UNI has support at around $5, flashing with November 9 lows and within Q3 2022 range. At spot rates, UNI has retested the 78.6 percent Fibonacci retracement level of the June to August 2022 trade range, meaning buyers stand a chance. If prices are above $5, swing traders can load the dips in alignment with Q3 bulls, targeting $9.5—or August 2022 highs. However, for conservatives, there could be more opportunities once there is a solid recovery, reversing the losses of November 9. Based on the current formation, there is a risk of UNI plunging below $5 in confirmation of early November losses, pressing UNI towards June lows at around $3.20.

What to Expect from UNI

Bulls are confident, but there must be clear, high-volume gains above $6.5 as confirmation of November 10 losses. In either case, buyers must prove resilient, soaking in selling pressure and sustaining prices above $5 for the continuation of bulls of early Q3 2022.

Resistance level to watch: $6.5

Support level to watch: $5

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

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