• UNI is currently trading at $3.24, showing significant bullish strength.
  • The digital asset is still trying to establish a clear bottom.

After its release, UNI had a massive bull rally towards $8.6, which only lasted a few days. The digital asset is down 62% since its peak and struggling to find the bottom.

UNI showing signs of a recovery

On the 12-hour chart, the bulls are already showing some strength after setting a low at $2.47 and bouncing towards $3.36. The MACD is slowly turning bullish, which has never happened before.

UNI/USDT 12-hour chart

uni price

On Binance, UNI sees a slight increase in trading volume over the past few days compared to October 1-5. This would indicate that the bullish momentum is starting to pick up.

UNI New Addresses

uni price

Another metric in favor of the bulls is the increase in new addresses joining the network. Using the chart provided by IntoTheBlock, we can observe a continuous increase in this number since October 3 from 1,770 addresses to 2,210. 

UNI/USD 1-hour chart

uni price

The recent bullish momentum has taken UNI price above the 50-SMA and the 100-SMA on the 1-hour chart, turning both into support levels. The rise in trading volume is far more apparent here. The MACD also turned bullish again. The next potential price target for UNI would be $3.5, where the 4-hour 50-SMA is established.

UNI IOMAP Chart

uni price

On the other hand, the In/Out of the Money Around Price chart shows strong resistance ahead. The range between $3.37 and $3.47 has a volume of 12 million UNI, representing a crucial resistance area.

A rejection from this point will drop UNI towards $2.94. The IOMAP chart indicates that the $2.86-2.94 range is the healthiest support area. 

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Tezos Price Prediction: XTZ to provide bulls a generous exit before a 15% nosedive

Tezos Price Prediction: XTZ to provide bulls a generous exit before a 15% nosedive

Tezos Price is hovering above a stable support level after facing an intense rejection. While this foothold is likely to provide harbor, it will not be for long. Investors must prepare for a long squeeze as bears make an elaborate move.

More Tezos news

AVAX price exhaustion could lead to sizeable retracement, but for the better

AVAX price exhaustion could lead to sizeable retracement, but for the better

AVAX price is in a no man’s land and depending on how the altcoin reacts to a few barriers, investors can bet on its direction. But a minor retracement in the short-term seems likely given the current market conditions.

More Avalanche news

Why Terra’s LUNA is bound to face a technical punishment

Why Terra’s LUNA is bound to face a technical punishment

Terra (LUNA) price action is facing headwinds from both sides as a technical candlestick pattern is throwing a spanner in the works, together with that long-feared dollar strength that is re-emerging after several warnings from Fed.

More Terra news

Why Solana price action is going nowhere

Why Solana price action is going nowhere

Solana's (SOL) price, from a first glance at the sheet, looks bullish and set forth to continue its rally and winning streak. However, a closer look under the hood reveals that on a weekly chart, price action is going nowhere and could soon collapse once a tail risk gets inflated again.

More Solana news

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP