- UNI Token price consolidates within a range bringing a trading opportunity.
- The sideways movement traps the underlying momentum indicating a huge breakout move.
- The pair of UNI/BTC is trading at 0.0004203 BTC with an intraday move of -0.57%
UNI Token price moves sideways as it gets trapped within a consolidation in the daily chart. The accumulation range is between $23 to $29 coinciding with 50% and 23.6% Fibonacci levels.
Pivot point analysis has shown that the resistance levels of the Token are at $29, following $33. However, if the price drops below $25, sellers could face resistance at $23 and $21.
UNI Token trades for $25.92 and has experienced a 1.76 fall in market capitalization within 24 hours. In addition, the intraday trading volume decreased by 20% over the last day.
Is The Range Breakout by UNI Token Price Worth Entering?
UNI token price action is under a sideways movement for more than a month. As a result, the price action traps a considerable amount of underlying momentum within the range. Thus, the breakout will lead to a high momentum move.
The UNI token price lacks a directive move within the range as the price rests near the 200-day EMA. Hence, the EMAs are inconclusive within the range despite their bullish alignment.
As the slope spikes up in the daily chart, the RSI indicator predicts a rise in the underlying bullishness with the price forming a bullish engulfing candlestick.
The MACD indicator shows the MACD and signal lines falling lower in the daily chart. Furthermore, the MACD lines indicate a sell signal as the fast line is below the seller’s line.
Conclusion: UNI Token Price action indicates a rise in the buying pressure evident by the bullish engulfing candlestick in the daily chart. Moreover, the price is taking support near the 200-day EMA. Thus, generating a profitable entry spot with minimum risk upon breakout of the range.
Resistance– $29 or $33
Support– $25 and $21