- The UNI token reclaims the 100-day EMA
- The UNI/BTC pair was trading at 0.0005321 BTC with a gain of 6%
- The 24hr trading volume of UNI token is $651.8 Million
The UNI token price has been wavering above the 0.5 FIB level for the past few days, suggesting a price bounce by multiple lower price rejection candles. Yesterday, the token price finally provided confirmation of the bullish engulfing candle with a 13% intraday gain and managed to break out from a crucial resistance $25 mark. As for today, the price is providing a retest, validating if the breakout is genuine or not.
As per the EMA’s, the UNI token is in a bullish trend as its price is trading higher than the trend defining 100 and 200 EMA. The 20 and 50 are still providing good resistance, and if the bulls reclaim them too, the token price could show a good rally.
The RSI (BEARISH) current value is 47, indicating a slightly bearish sentiment as the price is below the neutral zone.
The UNI Token Gave A Breakout From Its Rectangle Pattern.
After experiencing a sudden selling pressure on 7th September, the UNI token price dropped below the $25 support level. The price entered a slight consolidation phase with this breakdown, ranging from $25 to $21.5. The token price resonated in this range for almost a week until yesterday, when it provided a proper breakout from this overhead resistance. Crypto traders can grab an excellent entry opportunity with price passing this retest.
The MACD indicator offers an excellent confirmation for the breakout from $25 resistance when the MACD and signal line have crossed above the neutral zone.
Conclusion: From the technical perspective, the overall trend in UNI token is still bullish. And, as mentioned above, the price has performed a retracement till the 0.5 FIB level and now shows a better chance for the price to continue its rally. The Crypto traders can position their funds in this coin with the price showing sustainability above the broken level.
Support: 25
Resistance: $27.5