TL;DR Breakdown
- UNI price prediction signals price plummeting under coin’s support levels.
- The price downtrend is presented to extend to around $25 amidst the search for formidable support.
- The current colossal exodus by heavy investors appears to be adding weight to Uniswap’s overhead pressure.
- Uni appears to be relying on the 50 simple moving average (SMA) and the 100 SMA on the 4-hour chart for a bounce back to $30.
UNI appears to be in the middle of a downward trend after suffering yet another rejection at $28. The push past the $30 mark is proving to be a hard nut to crack for the crypto asset. At the time of writing, UNI’s bullish momentum seems to have been exhausted, especially now with the whales preferring to offload their assets.
UNI price prediction indicates surge in overhead pressure
According to research, large volume holders of UNI have resorted to selling their crypto coins, perhaps to cash out their investments for profit. This is because of the general fear that further price decline might continue.
For instance, whales who had 1 million to 10 million Uniswap coins have dropped from 65 to 63 in just a few days. The decline might sound insignificant but the amount of coins sold by these addresses puts a dent on the value of the crypto-coin, adding significant selling pressure.
If the current exodus goes untreated in the coming days, traders should brace themselves for further price declines.
UNI’s technical indicators continue to spell doom
According to Uniswap’s 4-hour chart, there is an ascending parallel channel forming. Although this might be a good thing for the crypto-coin, support at the channel’s midline appears shaky. Additionally, the coin’s least resistance path appears to be on a downward trend, especially with the MACD, or the Moving Average Convergence Divergence, turning bearish.
It is worth keeping in mind that the moving average convergence divergence (MACD) might trigger a massive selling spree if it crosses under the signal line. This will automatically increase Uniswap’s overhead pressure.
As a technical indicator, the MACD assists in identifying the right time to buy a crypto asset when it is down and when it is advisable to sell to maximize profits. When the MACD blue line intersects with the signal line, it reveals it’s the right time to sell your cryptocurrencies.
What to expect from UNI’s price?
Since the 20th of February, Uniswap’s price has been on a general upward trend an action that has seen the altcoin almost pass the $30 mark. Now that the bullish momentum appears to fizzle out, investors should brace themselves for a breakdown that might see the altcoin settling on the $23 region.
Although $25 is the coin’s current immediate support line as highlighted by the 50 and 100 simple moving average (SMA), the coin might be in for a new support line. Here, bulls are most likely to take advantage of the price dip to take control of the coin and push it to new highs, probably past the $30 mark. Besides, a breakout past the $30 mark would open newer doors for the crypto-coin and propel it to realizing gains beyond current all-time highs.
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.
