Will the UNI Coin Price Fall To $3.950 at the End of the Month?

• The coin price has risen by 0.9% in the last 24 hours.
• Uniswap has introduced “SWAP Protection” to safeguard Ethereum Transaction.

Uniswap was launched in November 2018 to improve the efficiency of trading versus that of traditional exchange. The token is becoming a very famous decentralized trading protocol. It plays a role in facilitating the automatic trading of DeFi tokens. The Coin Market Cap has given the UNI coin the 27th rank among the other coins.

Uniswap Coin Technical Analysis

Currently, the coin price is trading at $4.263 and has gained 0.9% within 24 hours. It has been traded with a 24-hour trading volume of $50,945,947. The market capitalization of the token is $2,460,284,917. This coin has a circulating supply of 577,501,031 UNI coins with a max supply of 1,000,000,000 UNI coins.

Technical Analysis on 1-Day Timeframe

In the 1 day chart, the coin price is currently trading in a range of $4.485 to $3.950 after a fall of more than 30%. Currently, the price has faced rejection from the $4.85 resistance and has started to fall. 

The UNI coin price is trading below 100 and 200 ema indicating the seller control. The relative strength index (RSI) is also below the 50 level and is currently moving in a sideways direction. It indicates that the buyers are somehow influencing the price despite the sellers being in control.

After facing rejection from $4.485, the price could be seen falling to its support at $3.950 in the short-term period. The bearish market could be seen very clearly if we shift to the 1-hour timeframe.

Technical Analysis on 1-hour Timeframe

If we look at the 1-hour chart. The price initiated a bullish rally from the $3.950 support zone to $4.485 resistance with the support of a trendline. Recently, the price started to fall and has given the breakdown of the support after facing rejection from the $4.485 resistance. The selling pressure was quite strong. 

The price is currently trading in a narrow range of $4.273 to $4.212. It has recently faced rejection from both 100 and 200 EMA lines. If the price breaks below the range, it will continue its further move towards $3.950 support in the short term.

For the long-term move, the price is currently trading in a wider range of $4.485 to $3.950. So, the investors should wait for the breakout or breakdown of this range. 

Suppose the UNI coin price gives the breakout of the $4.485 resistance, it may rise up to its next resistance at $4.950. However, for the price to continue its fall, it must close below its $3.950 support. Thus, it may fall to its next support at $3.650.

Conclusion

The overall chart of the Uniswap coin is bearish. Its price is trading in a wider range of $4.485 to $3.950. In the 1-day chart, the price faced rejection from $4.485 and has also given the breakdown of the trendline from which it was taking support. UNI token’s price may fall back to $3.950 support in the short term. In the long term, the investors should wait for the breakout or breakdown of the wider range of $4.485 to $3.950.

If the price gives the breakout of the $4.485 resistance, it may be seen rising up to its next resistance at $4.950. The fall may occur if it closes below its $3.950 support. It may fall to the next support at $3.650.

Technical levels

Resistance Levels: $4.485 and $4.950.

Support Levels: $3.950 and $3.650.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.