Uniswap struggles to maintain gains; UNI eyes return to $18.00
|- Uniswap price experienced a massive, 46% gain from the September 26th swing low at $18.00 to hit $26.00
- Buyers have struggled to push Uniswap higher but have maintained the majority of those gains.
- Volatility and indecision persist as price action remains in the Ichimoku Cloud.
Uniswap price has outperformed the majority of its peers over the past week. While many altcoins have experienced temporary spikes, almost all have resulted in nearly 100% retracements – Uniswap is an exception. However, a return to the prior swing low at $18.00 is likely.
Uniswap price struggles to hold above Kijun-Sen, final Ichimoku support below at $22.74
Uniswap price faces continued near-term resistance against the Kijun-Sen, currently at $24.12. The Kijun-Sen was first tested as resistance on September 26th when Uniswap pumped as much as 39% that day. Every since September 26th, the Kijun-Sen has restricted and further and sustained move higher.
The near-term support for Uniswap price is the bottom of the Cloud (Senkou Span B) at $22.58. Senkou Span B is the most robust support/resistance level within the Ichimoku system. The strength of the Senkou Span B is exacerbated by any period of extended flat conditions. Therefore, it is challenging for sellers to push price below and then close below Senkou Span B.
UNI/USDT Daily Ichimoku Chart
Any daily close of Uniswap price below Senkou Span B will mean a swift return to test the prior swing low at the 61.8% Fibonacci expansion at $18.00. After that, however, bulls could easily take control.
Buyers will want to watch for conditions that favor an Ideal Bullish Breakout setup. The Ideal Bullish Breakout setup could be confirmed if bulls close Uniswap price above the Cloud and the Chikou Span above the candlesticks. The threshold for this to occur is a close at $29.53 between today and October 3rd or $27.53 on October 11th.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.