- Uniswap reeled from solid selling pressure after Thursday US CPI data.
- Bulls test the final support level that could trigger a rally or a sell-off.
- Oscillators show bullish momentum may be returning.
Uniswap price closed Thursday with a nearly 8% loss. However, it remains higher by a considerable amount from the January 2022 low at $9.55.
Uniswap price tests the Tenkan-Sen as its final support level – make or break conditions now present for UNI
Uniswap price has spent the Friday session trading in a tight range above and below the Tenkan-Sen at $11.44. The Tenkan-Sen is the final Ichimoku support level on the daily chart currently keeping UNI afloat. In addition, the 2022 Volume Point Of Control sits just below the Tenkan-Sen at $11.20, further enhancing this support zone.
If bulls manage to keep Uniswap above the Tenkan-Sen, then the next resistance zone to tackle is the prior 100% Fibonacci expansion at $12.68. $12.68 is also the cutoff point in the volume profile, where it goes from thick to thin. Minimal volume has been traded between $12.68 and the next high volume node at $16 (the 61.8% Fibonacci retracement).
UNI/USD Daily Ichimoku Kinko Hyo Chart
Thin volume profiles indicate quick and easy movement. When price moves out of a high volume node into a thin volume profile range, it is like a vacuum – price gets sucked into the next high volume node. For Uniswap price, the next high-volume node is at $16.
If Uniswap price closes below the daily Tenkan-Sen, then there is a genuine risk that a bearish continuation move will begin and could exceed the 2022 lows to test the 1005 Fibonacci extension at $6.78.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.