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Bearish sentiment took hold as Uniswap token failed to climb beyond $33 over the weekend, and coupled with Bitcoin’s descent over the past few hours, UNI’s entered the markets as well. It lost the $31.7 and $30.5 rate to bears and went to $29.3. In the past 36 hours, Uniswap lost almost 11 per cent and was once again heading towards the $29.3 support area.
Uniswap 1-hour chart
The short-term forecast for Uniswap was very bearish. UNI dropped below several levels of support and was back on trade at the bottom of the falling channel (cyan) that broke out a few days earlier.
For the next two hours, it was possible that a $29.27 visit will have taken place. Repeated retesting of the level of support, or opposition in this respect, weakens the level of support. Which could see that $29.3 was ceded to bearish pressure in the coming days. Protection at the $29.3 mark could see the UNI bounce between $29.27 support and $30.5 in consolidation.
On the hourly map, the RSI had fallen below neutral 50 and had pushed close to a value of 35, suggesting a strong bearish momentum in recent hours. The Amazing Oscillator was still going below the zero axis. The previous day, the AO established the bearish twin peaks set up, and then the AO crossed over to bearish territory.
Any optimism for the bulls was that the sales rate of the past week, while consistent, was not enough to erase the considerable purchase volume of the rally at the end of February.
The Supertrend predictor had been flipped to display the shortness of time as UNI was priced at $31.86 a few hours earlier. The indicator has not yet flipped back to bullish, with $31.7 being the amount UNI will have to climb up to force this flip.
Bitcoin’s continued price declines had an effect on most of the altcoins, UNI being one of them. Bulls would look to avoid the slide at $29.3, but it would be a difficult challenge, particularly if BTC and Ether were to continue to report losses as well.