Uniswap Price Movement Analysis for 17th April, 2021

Spread the love

 162 Interactions,  4 today

Uniswap has been selling in a range during March, but this seems to have changed when the market has broken out past the highs. It has risen nearly 700% since 2021 was born, and more gains seemed to be on the way in the coming weeks.

Uniswap 12-hour chart

The updated Schiff pitchfork has done an excellent job of demonstrating possible levels of cooperation and resistance. Aside from that, the stock has been trading in a range of $27.4 to $35.1 since March.

The pitchfork’s pattern channel limits, as well as the range’s midpoint, have served as reinforcement and resistance.

UNI has recently broken out of the range tops and seems to have flipped the $35.1 mark of help. The technical indicators painted a bullish picture for UNI in the coming days as well, with the pitchfork’s median line likely to be a high volatile level of support. Some technological goals were laid out using Fibonacci extension levels (not used to prevent clutter), and retracement levels as additional assistance were seen. UNI is expected to rise more between $44 and $50 in the coming weeks.

RECOMMENDED READ:  Waves, Bitcoin SV, VeChain Market Analysis For 16th January 2021

Rationale

On the RSI, there was a bearish difference between price and momentum tracker, with the price making higher highs and the RSI making lower lows. This caused UNI to fall from $37.7 to as little as $34.75.

The OBV has been rising since the fourth week of March, when the price checked the range lows once more. This indicated that the rally since then has been led by demand and has the potential to go higher.

The Awesome Oscillator was high over the zero axis, indicating that UNI was riding a wave of bullish momentum.

Conclusion

During a new, heavy wave of selling, the range highs at $35 were flipped to help and guarded. The convergence with the pitchfork’s median line would also reinforce this amount in the coming days, making a decline below $35 unlikely to last long.

The $44.4 and $47.6 thresholds were identified as bullish technical targets for UNI in the coming weeks, with the pitchfork’s channel borders set to serve as support and resistance lines in the days ahead.

RECOMMENDED READ:  DigiByte, Litecoin, Algorand Price Movement Analysis for 12th February 2021

Leave a Reply

Contact Us