BlockchainUniswap (UNI): Ethereum's unicorn ready for a wild ride?

Uniswap (UNI): Ethereum’s unicorn ready for a wild ride?

The UNI token, from the Uniswap platform , is the leading DEX in the Ethereum ecosystem. It is a governance token, which allows you to vote on the direction the platform will take. It therefore has a fundamental utility. Let’s take a look at what comes out on the charts .

Strong support against Bitcoin

From December 21, 2020, UNI marks a bottom , followed by 140 days of bullish rally, resulting in an explosion of + 650%. A bitcoin crash later, UNI has now been in a channel between 4000 and 7000 satoshis for 126 days. We are currently in a decisive area, which has already served as support several times. The priority to win back is the 5,000 satoshis , which is also an area that has been used multiple times as a support. The objective would be to seek out the already well-known resistance of the 7000 satoshis and see the reaction there. Umpteenth rejection or new ATH?

In a range in Weekly against the USDT

UNIUSDT, Daily

There is a lot to be said for the weekly chart against the USDT. As a first step, the resistance that we are trying to break through right now, that of $ 30, has already served as support and even resistance. We can therefore understand the difficulty of passing this course.

Secondly, we can observe surrounded in white, a superb wick of completely redeemed liquidity. The manifestation of an obvious “hitchhiking hunt”, in order to purge the long lines started on this support.

A superb daily setup against the USDT

Since the May 2021 crash, the UNI has found itself under the $ 30 resistance it is struggling to break through at the moment. The area to watch is $ 26-28.

Why is this area so important? It has always been the scene of a price reaction, whether in terms of support or as resistance.

Second zone to watch: the $ 22 zone. Indeed it has served as support / resistance on several occasions, in addition to representing the 0.5 of Fibonacci . It is therefore important to keep an eye on this critical area.

The trendline drawn appears to be totally consistent with the rejection of the last few days, there is a confluence of the latter and resistance.

Here we can better dissect the phenomenon of redeemed liquidity that I mentioned in the weekly analysis. In my opinion, this passage below 0.5 Fibonacci was made to scare away the bulls who bought the first rebound in this area.

UNI therefore seems to evolve in a good configuration. The bulls with strong leverage have been sanctioned by this nasty wick of liquidity. I think now is the time for bears to suffer the same fate. The DeFi sector is in an excellent dynamic, taking advantage of the recent acceleration of Bitcoin. However, there is no need to rush to purchase. In recent days several attempts to cross the $ 30 have ended in failure and a pullback is still quite possible.

Matthew Leising
Matthew Leisinghttps://www.newsalarms.com/
I cover market structure for News Alarms, specifically how the bond, derivatives, and cryptocurrency markets work or don't.

Latest news

InternationalReserve Unveils Strategic Insights for Navigating the Future of Finance

Toronto, ON, Feb 21, 2024, ZEX PR WIRE, As the global financial landscape continues to evolve at a rapid...

Public Meme Token ($PMT) Conquers Presale Expectations and Eyes Next Major Exchange

Prisdorf, Germany, 20th February 2024, ZEX PR WIRE, Public Meme Token is proud to announce that its private and...

Quark 2024: BITS Goa to Host Spectacular Tech Extravaganza

Vasco, India, 19th February 2024, ZEX PR WIRE, In a dazzling display of technological prowess and innovation, Birla Institute...

Discover the Charms of Turkey: Unveiling Top Destinations for Tourist e-Visa Holders

Ankara, Turkey, 19th February 2024, Turkey, renowned for its rich history, stunning landscapes, and vibrant culture, continues to beckon travelers...

Revolutionizing Travel: Vietnam E-Visa Streamlines Visa Process for Global Citizens

Hanoi, Vietnam, 19th February 2024, Navigating the intricacies of international travel just got simpler for citizens of Montenegro, the...

Revolutionizing Travel for Citizens of Norway, Panama, Papua New Guinea, Peru, and the Philippines: Vietnam E-Visa Offers Seamless Visa Solutions

Hanoi, Vietnam, 19th February 2024, In an era where convenience is paramount, Vietnam E-Visa emerges as the beacon of streamlined...

Must read

Hungama joins forces with BharatBox for an Unprecedented Digital Odyssey

BharatBox, in collaboration with The Sandbox announces the launch...

BharatBox & Mahabharata: A Metaverse Renaissance in Storytelling Brilliance

BharatBox, the India destination within The Sandbox, in collaboration...

Unlocking the Power of Belief: Ramsena Coin Introduces the First Hindu Cryptocurrency and Virtual Revolution.

Ramesena Coin, the world's biggest virtual connection of Hindutva,...

USD 19,500, the new key price of bitcoin to start an upward movement

Key facts: In the past, $19,500 has been a resistance...

Blockchain IDOs and Presales You Should Know About

There’s never a lack of new projects opportunities when...

You might also like
Recommended to you