UNI price screams buy as bulls aim for $2.8 thanks to strong signals
- Uniswap price looks ready for a massive bounce aiming for $2.8.
- The digital asset has already experienced a significant 11% price spike in the past hour.
Uniswap has plummeted by more than 77% since its all-time high at $8.6 on September 18. Although UNI bulls are still facing a lot of hurdles ahead, it seems that several indicators and on-chain metrics have turned in their favor.
Uniswap price ready to rebound towards $2.8 in the short-term
The TD Sequential indicator has presented a strong buy signal on the 12-hour chart at $1.83 which seems to get validated as the price of UNI is already at $2 and climbing. A spike in buying pressure can easily drive Uniswap price towards $2.8.
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UNI/USDT 12-hour chart
Looking at the Global In/Out of the Money (GIOM) chart, we can observe that the most significant resistance area is between $2.55 and $2.94 with a volume of 53.8 million UNI bought by 6,050 addresses.
UNI IOMAP chart
The most recent Uniswap governance proposal to reward 12,619 addresses with 400 UNI each did not pass, which has saved the digital asset from experiencing even more selling pressure. Furthermore, the GIOM cohorts also show a robust support level at $1.7 when compared to the resistance above.
Failure to hold this massive support point at $1.7 can be catastrophic for the digital asset. As there are no other support levels on the way down, we could see UNI price slip towards $1.5 and potentially fall as low as the psychological level at $1.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
