- Uniswap price is trading inside the Cloud.
- Oscillators show bearish divergence is developing.
- Price likely to ping-pong between two near-term resistance and support levels.
Uniswap price has experienced some nice bullish gains throughout the trading session. However, the daily highs coincide with a collection of major resistance levels in the Ichimoku system. Conversely, the strong support at the open of the current daily candlestick is a confluence zone of Fibonacci and Ichimoku support levels.
Uniswap price shows a standard pullback has occurred, a continuation of the prior downtrend likely
Unitswap price has traded higher throughout the day but faced resistance against a collection of important Ichimoku levels. The daily Tenkan-Sen, Kijun-Sen, and Senkou Span A (top of the Cloud) share a value are between $25.75 and $26.20. Just below those zones is the 61.8% Fibonacci retracement level at $24.83. Solana opened the day on top of Senkou Span B (bottom of the Cloud) at $22.66 and just above the 50% Fibonacci retracement at $22.24. With the Chikou Span below the candlesticks and the current rejection against the collection of Ichimoku levels at $26.20, a return to lower traded prices is likely.
The Relative Strength Index shows some hints that support was found at the second oversold level in a bull market (40). Additionally, the Composite Index has crossed above both of its moving averages. Bulls will want to monitor the Composite Index and be warned if it creates a reading above the September 6th value. If the Composite Index creates an equal or higher value than the September 6th value and Solana price is trading below the September 6th high, then a condition known as hidden bearish divergence occurs - a warning that the prior bear trend may continue.
UNI/USD Daily Chart
Bears will want to be mindful of where the Chikou Span is at over the next week. While the Chikou span remains below the candlesticks, near-term bearish price action can be expected. However, if the Chikou Span moves to close above the Candlesticks ($29.66), then any bearish momentum is invalidated and a resumption of higher prices will probably continue.
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
Ripple's XRP set sights on $1.100 following renewed investor interest
Ripple's XRP rallied nearly 20% on Tuesday, defying the correction seen in Bitcoin and Ethereum as investors seem to be flocking toward the remittance-based token.
Dogecoin Price Prediction: Could DOGE ETF spark new all-time high after 130% rise?
Dogecoin rose over 15% on Tuesday as traders anticipate a price move toward the $1 threshold following Bloomberg analyst Eric Balchunas's post regarding a DOGE exchange-traded fund.
Hedera's HBAR rallies nearly 20% as Canary Capital files for HBAR ETF
Hedera's HBAR is up nearly 20% on Tuesday as Canary Capital submitted an S-1 registration to the US Securities & Exchange Commission for an HBAR exchange-traded fund.
Ethereum Price Forecast: ETH down despite hype from Beam Chain unveil
Ethereum is down 1% on Tuesday despite developer Justin Drake proposing the Beam Chain, a new consensus layer that aims to ship a series of changes that will fast-track the Main chain's roadmap to faster block times and quantum resistance.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
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.