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Uniswap (UNI) Price Soars 10% After Unichain Announcement

Published

3 hours ago

October 11, 2024

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Uniswap (UNI) price raised more than 10% after Uniswap Labs announced the launch of its own Layer-2, Unichain. This surge in price has driven the Relative Strength Index (RSI) to overbought levels, suggesting strong buying momentum.

The rapid increase has brought caution to the market, as overbought conditions may lead to a pullback. Key resistance and support levels will be critical in determining UNI’s next price movements.

UNI RSI Suggests Overbought Conditions

UNI’s RSI is currently at 80, up sharply from 58 in just a few hours after news about Unichain. This quick increase suggests strong buying momentum as investors reacted positively to the news.

RSI, or Relative Strength Index, measures the speed and change of price movements and is used to determine whether an asset is overbought or oversold. It ranges from 0 to 100, with values above 70 indicating overbought conditions and values below 30 signaling oversold conditions.

With an RSI of 80, UNI has entered an overbought stage, meaning that the recent price surge may have pushed the asset beyond its fair value in the short term. Overbought conditions often imply that a correction or pullback could be imminent as the buying frenzy cools off.

Investors should be cautious, as prices may become more volatile and susceptible to downward pressure if profit-taking begins. The current high RSI level indicates that UNI’s price rapid rally could soon face resistance, potentially leading to a short-term price correction.

Uniswap ADX Indicates Moderate Trend Strength

UNI’s ADX is currently at 28, up from 19 in just a few hours. This increase in ADX indicates that the strength of the current trend has been gaining momentum. ADX, or Average Directional Index, measures the strength of a trend, regardless of its direction.

It ranges from 0 to 100, with values above 25 generally indicating a strong trend and values below 20 suggesting a weak or nonexistent trend.

Even with ADX at 28, it is still below the levels seen in previous months when both uptrends and downtrends were much stronger. Although UNI’s price increased by over 10% in just a day, the current ADX suggests that the trend may not be as strong as it could be.

This indicates that while there is some momentum, it is not yet at the levels that would imply a sustained or particularly powerful movement. Traders should remain cautious, as the current trend strength might not be enough to prevent a potential reversal or significant volatility in the near term.

UNI Price Prediction: EMA Lines Indicate Potential Uptrend

UNI’s EMA lines are currently suggesting a clear uptrend, with the short-term lines positioned above the long-term ones and maintaining a fair distance between them. This configuration typically signals a bullish trend, indicating that recent price action has been favorable.

EMA lines, or Exponential Moving Averages, are a type of moving average that gives more weight to recent prices, making it more responsive to short-term movements. Traders use them to identify ongoing trends and potential reversals by observing the relationship between short-term and long-term moving averages.

UNI EMA Lines and Support and Resistance. Source: TradingView

However, as the ADX shows, the current trend is not particularly strong despite the bullish EMA pattern. If the uptrend continues and strengthens, UNI’s price could test resistance levels at $8.65 and $9.52. Breaking through these resistances could push the price as high as $12, which would be its highest since June 2024.

On the other hand, if the recent news about Unichain is not enough to sustain momentum and the trend reverses, UNI may test support levels around $7.7 and $7.5, with the possibility of falling as low as $6. That would represent a potential 28% decline.

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.

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Related Topics:Announcement Price Soars UNI Unichain Uniswap

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Market

Will It Clear The Hurdles?

Published

52 mins ago

October 11, 2024

admin

Este artículo también está disponible en español.

Bitcoin price extended losses and traded below the $60,000 zone. BTC is now attempting a recovery wave and facing hurdles near $60,800.

Bitcoin is struggling to start a fresh increase above the $61,200 zone.
The price is trading below $61,000 and the 100 hourly Simple moving average.
There is a key bearish trend line forming with resistance at $60,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could struggle to recover if it stays below the $62,000 resistance zone.

Bitcoin Price Falls Again

Bitcoin price failed to start a fresh increase above $62,000 and started a fresh decline. BTC traded below the $61,500 and $60,500 levels. It even broke the $60,000 support.

A low was formed at $58,888 and the price is now consolidating losses. There was a minor increase above the $60,000 level. The price was able to climb above the 23.6% Fib retracement level of the downward move from the $64,420 swing high to the $58,888 low.

Bitcoin price is now trading below $61,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $60,800 level. There is also a key bearish trend line forming with resistance at $60,800 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $61,650 level or the 50% Fib retracement level of the downward move from the $64,420 swing high to the $58,888 low. A clear move above the $61,650 resistance might send the price higher. The next key resistance could be $62,000.

A close above the $62,000 resistance might initiate more gains. In the stated case, the price could rise and test the $63,200 resistance level. Any more gains might send the price toward the $64,000 resistance level.

More Downsides In BTC?

If Bitcoin fails to rise above the $60,800 resistance zone, it could start another decline. Immediate support on the downside is near the $59,600 level.

The first major support is near the $58,850 level. The next support is now near the $58,500 zone. Any more losses might send the price toward the $57,200 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $59,600, followed by $58,850.

Major Resistance Levels – $60,800, and $61,650.

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Market

Will PEPE Price Maintain Its Upward Trend?

Published

2 hours ago

October 11, 2024

admin

The meme coin market is experiencing a resurgence. Over the past month, the sector’s capitalization has grown by 24%, indicating a spike in trading activity.

This general rally is driving an interest in frog-themed PEPE, which has seen a gradual spike in demand. The popular meme coin currently trades at $0.0000092, noting a 4% uptick over the past week.

Pepe Sees Renewed Interest

PEPE’s price daily active address (DAA) divergence has steadily increased, suggesting growing accumulation among market participants. At press time, the metric’s value stands at 35.16%.

DAA compares an asset’s dynamics with the changes in its number of daily active addresses. Investors use it to track whether network activity supports the price movements. A rising, positive value suggests that an increasing number of unique addresses are becoming active on the network and trading the asset.

PEPE Price Daily Active Address Divergence. Source: Santiment

PEPE’s gradual price rally over the past week, combined with its positive daily active address (DAA) divergence, is a bullish indicator of growing interest in the coin and confirms market demand for the meme coin.

Additionally, PEPE’s Mean Coin Age has been on the rise, currently sitting at 31.44, reflecting a 2% increase over the past two days. This metric tracks the average age of coins in circulation, measuring how long they have been held without being moved or spent.

An increase in Mean Coin Age signals network-wide accumulation, indicating that investors are confident in PEPE’s future value and are choosing to hold rather than sell.

pepe mean coin age — PEPE Mean Coin Age. Source: Santiment

PEPE Price Prediction: Meme Coin Sets Sight on $0.000010

The continued preference for accumulation over distribution by PEPE holders is likely to sustain its upward trend. If the bullish sentiment surrounding the meme coin intensifies, its price could rise toward the next major resistance at $0.000010.

pepe price analysis — PEPE Price Analysis. Source: TradingView

However, this outlook would be invalidated if buying pressure diminishes. In that case, PEPE’s price could lose its recent gains and drop to $0.0000083.

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Market

Uniswap Rallies In Bearish Conditions, Can UNI Break New Grounds?

Published

4 hours ago

October 11, 2024

admin

Uniswap is making a surprising move, rallying in the face of bearish market conditions, and showing signs of resilience despite the downward pressure seen across the crypto space. As bullish sentiment begins to build, market participants are now focused on whether UNI can maintain this upward momentum and break new ground.

As UNI continues to display strength, this analysis aims to determine whether Uniswap’s recent upward movement in spite of the broader bearish market conditions, has the potential to break through key resistance levels and reach new highs by examining the current price action and technical indicators.

Indicators Point Toward More Upward Movement For Uniswap

On the 4-hour chart, Uniswap is showing strength as it approaches the $8.7 resistance level while trading above the 100-day Simple Moving Average (SMA). UNI’s positioning above the SMA indicates a firm trend, suggesting that buyers are gaining confidence with the potential of targeting higher resistance levels.

An analysis of the 4-hour Relative Strength Index (RSI) points to the possibility of continued upward movement, as the RSI has rebounded to the 73% threshold after previously dipping to 52%. This rise indicates that positive momentum is gaining traction, suggesting that buyers are increasingly in control and that further gains could be on the horizon.

After successfully breaking above the daily 100-day SMA, UNI has been exhibiting strong upbeat movement signifying a shift in market sentiment, with buyers gaining confidence and pushing the price higher. If Uniswap can sustain this push, it may open the door for additional price appreciation and challenge higher resistance levels.

Furthermore, the RSI on the daily chart is currently at 65%, having risen from a previous low of 43%. This upward movement suggests that UNI is gaining momentum, signaling more growth. If buying interest continues to hold steady, the positive trajectory indicated by the RSI could support an extended rally for Uniswap, reinforcing positive sentiment in the market.

Potential Upside Targets: How Far Can the Bulls Push UNI?

As Uniswap maintains its upward momentum, the immediate resistance level to watch is $8.7, which could pave the way for a challenge of higher thresholds if surpassed. A breakout above this level could see UNI targeting the $10.3 mark, where significant psychological resistance may come into play.

However, if Uniswap fails to maintain this strength and breaks above the $8.7 resistance level, it could result in a pullback, with the price sliding back toward the $6.7 support zone. A breakdown below this level could lead to more losses, possibly targeting lower support areas.

Uniswap

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