• Uniswap price up against an extensive collection of resistance levels.
  • Downside pressure is not expected, but movement may be muted for a few days.
  • Buyers needed to trigger more momentum.

Uniswap price has performed marginally well since January 9, moving up more than 11% in the past three days. UNI was a clear leader and outperformer at the time when the rest of the market tanked. Currently, however, its performance is now lagging behind the broader market.

Uniswap price awaits more buying participation

Uniswap price is lagging the broader market now for several reasons. Those reasons are the Tenkan-Sen, Kijun-Sen, and Senkou Span A. Those three Ichimoku levels all sit above UNI at $17.25. Breaking out above all three levels should be challenging and should result in a slight pause before a real test occurs. However, the move above those three Ichimoku levels will be extremely bullish on the eventual breakout.

The critical zone that Uniswap price is targeting is the Volume Point of Control and the 38.2% Fibonacci retracement at $25. The level at $25 is the final resistance zone ahead before Uniswap can start positioning itself for an extended bull run that would hit new all-time highs.

The Relative Strength Index (RSI) remains in bear market conditions but could easily convert into a bull market if Uniswap price moved high enough to position the RSI at or above 70. Likewise, the Composite Index recently crossed above its fast moving average – if it can move above the slow moving average as well, then that is a trigger for a sustained bull move – likely the one needed to break and hold above the $17.25 resistance cluster.

UNI/USDT Daily Ichimoku Chart

Downside risks are not likely, but they do remain a possibility. Therefore, traders will want to pay special attention to any daily or weekly close that would put Uniswap price below the most recent lowest close of $14.17. If that occurs, then a move towards the 61.8% Fibonacci retracement at $10 is highly likely.

 


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


Recommended Content

Editors’ Picks

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin Price Forecast: BTC recovers as Donald Trump takes lead on polls

Bitcoin Price Forecast: BTC recovers as Donald Trump takes lead on polls

Bitcoin (BTC) slightly recovered to around $68,800 on Tuesday, following a shift in the United States presidential race that saw former President Donald Trump regain the lead, after US spot Bitcoin ETFs experienced an outflow of over $540 million on Monday.

More Bitcoin News
Crypto markets brace for volatility in tight race between Trump and Harris

Crypto markets brace for volatility in tight race between Trump and Harris

The US presidential election is one of the most significant events in the world. Due to the influence of the country’s political decisions, policies, and economic approaches, it can significantly impact crypto and global markets. 

More Cryptocurrencies News
Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

MAGA (TRUMP) trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption

More Cryptocurrencies News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

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.

Read More

BTC

ETH

XRP