- Course (UNI): $6.52 (Previous week: $5.73)
- Short-term resistance/goals: $6.59/$6.83, $7.55, $8.16, $9.12, $10.00, $11.27, $12.37, $13.15, $14.40, $15.85, $16.71, $19.33
- Short-term support: $5.65, $5.25, $4.60, $3.67, $3.35, $3.00, $1.90
- The price of the decentralized exchange Uniswap (UNI) can noticeably recover since the formation of the annual low at $ 3.35 and gradually move away from the strong support zone between $ 3.00 and $ 4.50 to the north.
- Uniswap has recently benefited from increasing global regulation. The trading volume and especially the profit of Uniswap increased significantly in recent months.
- The UNIVERSITY course also benefited from this development and is currently trading at USD 6.52, a good 84 percent above the annual low.
- Despite an SEC investigation by Uniswap, investors seem to be increasingly confident in the largest decentralized crypto exchange again.
- Uniswap also opened up to Polygon (MATIC) as a further partner at the turn of the year, which should also have been a smart move in the future.
- In the short term, the UNIVERSITY price must now stabilize above the $ 5.65. A dynamic fall back below this support could result in a false breakout on the upside and push the UNI price back towards $4.60.
- A breakout above the historical high at $ 6.59 activates the next target at $7.55.
Bullish scenario (Uniswap)
- After the UNIVERSITY course tried to break the turquoise resistance zone several times in the last trading weeks, a new breakout attempt is currently underway.
- In the daily chart, you can see a so-called inverse shoulder-head-shoulder formation (SKS), which activates price targets in the range of $ 9.12 in the medium term in the event of a breakout above the oblique blue resistance channel.
- If the breakout succeeds above the $ 6.59 and the blue channel is also exited upwards, the horizontal resist at $ 7.55 first comes into view.
- If this price mark is broken without significant resets, the recovery will expand to the 8.16 USD. Here, the first investors are likely to want to reap profits.
- If the UNIVERSITY price stabilizes above USD 6.59 as a result, the next wave of recovery should lead to the zone around USD 9.12. In addition to the horizontal resistance and the target range of the inverse SKS, the EMA200 (blue) also runs here in the daily chart.
- In the first attempt, the course of Uniswap is likely to fail here.
Towards sales highs
- Only when this price mark is also overcome by the closing price of the day, the recovery movement expands towards 10.00 USD.
- If the bull camp can then generate enough purchasing power and also recapture this psychologically important price mark, it is to be planned in the medium term with a further price increase in the direction of 11.27 USD. However, this mark is only a milestone on the way towards the old course highs from February and March of this year.
- The range between $ 12.37 and $ 13.15 is the first major overarching target zone from a current perspective.
- Here the UNIVERSITY course is likely to bounce again. Only when the overarching 23 Fibonacci retracement of the complete downward movement is overcome, the light blue zone between 13.80 USD and 14.40 USD comes into the view of investors.
- In this area, the old tear-off edge from January 2022 runs. If this area is also broken upwards in the coming months, the chart picture will become increasingly brighter and further price targets at 15.82 USD and 16.71 USD will come into the view of investors.
- This would also almost reach the maximum bullish price target for the next trading months. The maximum target can be found from the current chart view in the range of 19.33 USD. Here, in addition to an important horizontal resistance, there is also the 38 Fibonacci retracement of the parent movement.
Bearish Scenario (Uniswap)
- The bears also did a lot of work at Uniswap and sent the UNIVERSITY course south by 92 percent at the top.
- At the moment, however, the seller side seems to lack the strength for a new sale.
- The seller side must do everything in the short term to cover the price at $ 6.59, but a maximum of $ 6.83.
- If the university price turns south again here and subsequently falls back below $ 5.65, the consolidation initially widens to the daily lows of the last trading days at $ 5.25.
- If this support mark is dynamically undercut, a relapse up to the strong support at $ 4.60 is off. In addition to the last intermediate low of June 30 of the previous month, the supertrend and the 38 Fibonacci retracement of the last bottoming movement also take place here. The bulls will make every effort to use this support brand for new purchases.
The chart is bearish again
- However, if the overall market should also come under significant pressure, and Uniswap falls below this strong support in the long term, this would be very bearish. As a result, the UNIVERSITY price is likely to break away immediately in the direction of $ 4.13. Here you will also find the last emergency nail with the 23 Fibonacci retracement of the current movement.
- If Uniswap does not turn north here, the price should continue to decline and target the $ 3.66 mark. If even this last support does not stop before the annual low, the downward movement widens to $ 3.35.
- If the bulls also give up this support sustainably, the lower edge of the red accumulation zone at $ 3.00 comes into view.
- Once again, the buyer side should be active here.
- If the overall market continues to come under delivery pressure in the coming months and the 3.00 USD is permanently abandoned, the current all-time low is to be planned with a capitulation up to the 1.90 USD.
- From the current point of view, however, a sale to these price regions is not to be expected. Investors can use pullbacks in the direction of $ 5.65 for acquisitions, or procyclically long a breakout above the $ 6.83.
Disclaimer: The price estimates presented on this page do not constitute buy or sell recommendations. They are just an analyst’s assessment.
The chart images were created using TradingView.
USD/EUR rate at the time of writing: 1.00 Euro.
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