Uniswap Price Prediction – August 5
The UNI/USD financial record has booked it that the crypto’s price serially surges northward. The market now trades around the level of $24, bagging a percentage trading rate of 4.31.
Resistance levels: $25, $30, $35
Support levels: $20, $17, $14
UNI/USD – Daily Chart
The UNI/USD daily chart showcases that the crypto’s price serially surges northward a bit past the previous higher point achieved around July 6th trading zone. The serial formation of the smaller-bullish candlesticks against the trend-line of the bigger SMA confirmed that the crypto most likely increase pressures in the subsequent sessions. The 14-day SMA curves northward beneath the 50-day SMA as the bullish trend-line drew across it to touch the bigger SMA at a support side. The Stochastic Oscillators are seemingly attempting a re-cross of the lines back to the northbound in the overbought trading region. That suggests that the pressure to the upside is somewhat ongoing.
Should traders rely on the current market’s motion as the UNI/USD’s price serially surges?
For traders to continue to rely on the current market’s motion as the UNI/USD’s serially surges northward, a forceful break out at the resistance level of $25 is most needed. By that achieving, bulls will potentially build a buying wall from that level to capitalize upon in the subsequent trading sessions. However, that scenario may not be forthcoming in the near time as there may instead be a consolidation before that earlier presumed further higher surging of the price of the crypto trade.
On the downside, a strong rejection of price movement around the resistance trading level at $25 needed to stage against any active motion around that trading line. A fearful price reversal against the bigger SMA trend-line to the downside, may give way to letting the UNI/USD market bears regain the market’s control again. Price may have a pause around the point earlier mentioned to be able to possibly determine a definite direction afterward.
UNI/BTC Price Analysis
In comparison, the trending weight Uniswap as paired with that of Bitcoin appears that price serially surges northward. In other words, it mean that the base crypto is increasing in the pushes than the flagship counter trading instrument. The 50-day SMA trend-line is closely situated above the 14-day SMA trend-line as the bearish trend-line drew has breached to the north where it touched the bigger SMA. The stochastic Oscillators are in the overbought region with closed lines to possibly portend a loss of weight soon in the base crypto pairing with the counter instrument.
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