Market
This Is Next for Uniswap (UNI) Price After an 18% Correction
Uniswap (UNI) price could be looking at sideways movement instead of further drawdown, given that it has already declined considerably.
The broader market cues and investors’ actions together are sending mixed signals.
Uniswap Consolidation Ahead
Uniswap’s price has been attempting to invalidate a key barrier for some time now but has been unsuccessful. Consequently, UNI has noted a drawdown, bringing it to the critical support floor.
The altcoin, however, is seemingly vulnerable to further decline, as evidenced by the Relative Strength Index (RSI). The RSI is a momentum oscillator that measures the speed and change of price movements, ranging from 0 to 100. It helps identify overbought or oversold conditions in a market, indicating potential reversal points.
This indicator is currently in the bearish zone, below the neutral line marked at 50.0. A dip into this zone is considered as a hint that the crypto asset could potentially fall further.
On the other hand, the investors are suggesting a different outcome for UNI. While broader market cues don’t support a rise, investors strongly hope for recovery.
This is visible in the unbroken uptick of the Mean Coin Age (MCA). This is a metric that calculates the average age of all coins in a cryptocurrency network, reflecting the time since each coin was last moved. It helps gauge the level of long-term holding and potential market sentiment.
The continuous uptick in this indicator indicates that the sentiment among UNI holders is that of HODLing. A downtick, however, suggests selling is taking over.
Read More: How To Buy Uniswap (UNI) and Everything You Need To Know
Since Uniswap is the former, its price could counter the market’s bearish cues.
UNI Price Prediction: Key Levels to Watch
Uniswap’s price dropped by more than 9% in the last 24 hours, bringing the altcoin to change hands at $9.4. As a result, UNI lost support of $10.0 and is looking to test $9.0 as the next critical support floor.
This level has been tested multiple times in the past. The aforementioned cues are giving out mixed signals, suggesting sideways price action is the likely outcome. $9.0 and $11.6, the resistance UNI failed to breach, will form the limits of consolidation.
Read More: Uniswap (UNI) Price Prediction 2023/2025/2030
But if the bearish cues dominate the market, it would not be surprising to see Uniswap’s price break down below $9.0. This would send the altcoin to $8.2 or lower, invalidating the bullish thesis as a result.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
XRP Price Ready to Rally? Signs Point to a Bullish Move
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Market
Solana (SOL) Rallies Strongly, Setting Sights on $200
Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.
- SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
- The price is now trading above $172 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $192 resistance zone.
Solana Price Starts Fresh Rally
Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.
There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.
The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.
Another Dip in SOL?
If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.
A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $188 and $185.
Major Resistance Levels – $192 and $200.
Market
Will Bulls Push It Higher?
Ethereum price started a fresh surge above the $2,650 resistance. ETH is up over 10% and might aim for a move above the $2,850 resistance.
- Ethereum started a fresh surge above the $2,650 resistance zone.
- The price is trading above $2,700 and the 100-hourly Simple Moving Average.
- There is a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it settles above $2,850 and $2,880.
Ethereum Price Extends Surge
Ethereum price started a fresh increase above the $2,550 resistance like Bitcoin. ETH was able to climb above the $2,550 and $2,650 resistance levels to move into a positive zone.
It even surged above the $2,720 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,800. A high is formed at $2,848 and the price is showing signs of more upsides. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,357 swing low to the $2,848 high.
Ethereum price is now trading above $2,700 and the 100-hourly Simple Moving Average. There is also a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,850 level. The first major resistance is near the $2,880 level. The main resistance is now forming near $2,950. A clear move above the $2,950 resistance might send the price toward the $3,000 resistance.
An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone.
Are Dips Supported In ETH?
If Ethereum fails to clear the $2,850 resistance, it could start a downside correction. Initial support on the downside is near the $2,800 level. The first major support sits near the $2,720 zone and the trend line.
A clear move below the $2,720 support might push the price toward $2,650. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,850
Major Resistance Level – $2,720
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