• Uniswap price locked between two daily moving averages.
  • Ascending wedge breakdown is a warning sign for traders.
  • Daily volume totals show weak commitment off the March low.

Uniswap price printed an all-time high, reversed, and closed below the ascending wedge formation on March 23, triggering a 12% decline on March 24. UNI has discovered support at the 50-day simple moving average (SMA), but well below average volume undermines the bounce’s credibility.

Uniswap price not experiencing Bitcoin’s magnet effect

The BTC rebound’s magnet effect has not transferred to UNI over the last four trading days like other altcoins. UNI lacks the impulsive price action that confirms a meaningful price low, and it presently hovers below the 21-day SMA, a moving average the coin held since the end of December. 

A break below the 50-day SMA on a daily close will indicate that UNI is vulnerable to test the 100-day SMA at $18.33. However, before that can happen, it needs to fracture the 0.382 Fibonacci retracement level at $23.46 and the 0.50 retracement level at $19.33. It is a price range supported by the price congestion in early February.

UNI/USD daily chart

UNI/USD daily chart

Of course, BTC strength’s magnet effect could finally grab UNI and lift it higher, but it first needs to overcome the 21-day SMA at $30.26. The next resistance level is the March 23 high at $36.83, where traders need to wait for a daily close over that price before chasing new trades. 

Bulls could become lucky and find a runway to the topside trendline at the September 2020 high through the February 2021 high at $46.70.

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.

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