![Uniswap’s [UNI] recovery blocked: Will bulls find footing in key demand zone](https://i.headtopics.com/images/2023/4/10/cryptoamb/uniswap-s-uni-recovery-blocked-will-bulls-find-foo-uniswap-s-uni-recovery-blocked-will-bulls-find-foo-1645306869072773123.webp)
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. UNI faced price rejection at the descending trendline. Bulls could be hopeful if a key demand zone is retested and defended. Unsiwap’s [UNI] recent recovery attempts have to contend with a few obstacles. Besides […]
The $5.228 – $5.511 range has been a key support and demand zone in 12-hour and lower timeframe charts. Two previous retests led to recovery, and a repeat of the trend may result in a rebound and discounted buying opportunity.
A breach below $5.854 could attract increased sell pressure. Therefore, UNI may drop to the demand zone of $5.228 – $5.511 before a likely rebound from aggressive buying at these levels. The retest and an uptrend confirmation could offer new buying opportunities with targets at $5.854 and the descending trendline around $6.1.
A close below the support range at $5.235 will invalidate the above thesis. The next likely support in such a downswing scenario will be $4.964. Meanwhile, the RSI faced rejection at the 60 mark and dropped below its equilibrium – denoting a dip in buying pressure. If confirmed, a pending bearish MA crossover could expose UNI to more sell pressure. Moreover, OBV declined, indicating a drop in demand for UNI in the past few days.UNI’s funding rate at the time of writing was positive. In addition, it enjoyed a relatively positive standing in the past few days – a bullish signal.
Moreover, the development activity increased and could boost investor confidence. But investors should track BTC before making moves.Subscribe to get it daily in your inbox.
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