TL;DR Breakdown
- UNI price prediction foretells a huge bullish comeback for the number 8 cryptocurrency.
- According to the IOMAP technical indicator, UNI currently enjoys an absence of vigorous resistance, supporting the looming price recovery.
- UNI is likely to face intensified selling and overhead pressure if it fails to close the day above the 100 Simple Moving Average mark on the 4-hour chart.
At the start of this week, UNI, like other significant crypto assets, bledred while recording downward price trends. On Monday, the bearish leg was so severe that several key support areas could not cushion or stop the losses from occurring. UNI closed the day at a low of $27 on Monday’s trading session.
At the time of writing, Uniswap is exchanging hands at about $28.801 while holding above tentative support areas. According to critical technical indicators, a massive comeback is expected to gain momentum from the current price, and Uniswap is scheduled to head towards the $31 trajectory.
UNI Price Prediction: General price overview
According to data from the 24-hour chart, UNI is exchanging hands within a descending parallel channel’s borders. The chart shows the lower line of the channel is acting as UNI’s critical support line. If UNI manages to hold firm onto this crucial support line, the number 8 cryptocurrency is likely to experience a price recovery from Monday’s onslaught.
Meanwhile, whales should direct their assault power on the current seller congestion experienced at the 100 SMA. In the event UNI’s price settles above this region, traders should be ready for an increase in buy orders amidst the looming bullish trend that is placed to push the crypto asset towards the $31 mark.
UNI price movement in the past 24 hours
On the 24-hour trading chart, it is clear that UNI exchanged hands at a low of $28.023, a high of $29.87, marking a negative percentage gain of about 1.24 percent.
UNI’s daily chart appears to be roaming below the $29.6 support on the 4-hour chart after its price plummeted from an impressive $30 mark. UNI had moved past the $30 mark by the time at the end of business yesterday.
At present, a technical pattern appears to be forming on the 4-hour chart, which is validating the highly awaited price surge. However, for things to move towards this trajectory, the bulls need to come out and wrestle a robust critical resistance level at the 50 Simple Moving Average.
UNI 4-hour chart
On UNI’s 4-hour chart, the IOMAP technical indicator by IntoTheBlock brings to the forefront the lack of robust resistance zones. This is good news as it means the bulls do not have to struggle to push UNI into realizing a massive price surge in the short-term.
However, the IOMAP model draws our attention towards the $31 to $32 region. Previously, over 8,000 addresses bought over 18 million UNI coins in this region. This insinuates UNI is likely to face resistance at the $31 to $32 zone.
Conclusion
Uniswap seems to be enjoying critical support at the descending channel lower boundary at the time of writing. At this level, UNI is getting some protection that is cushioning it from further price declines.
However, if UNI slides under this level, overhead and selling pressure will start increasing rapidly. According to the Moving Average Convergence Divergence (MACD), UNI is likely to experience some further price declines in the near-term. Despite the bearish impulse by the MACD, other technical indicators suggest UNI is going to bounce back stronger.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
