|

Uniswap price rallies on Friday as UNI bulls could still make it to $5.70 for a turnaround

  • Uniswap price is printing a positive Friday that originated in the ASIA PAC session.
  • UNI still has a long way to go to get a weekly gain.
  • Expect a pop higher as US job reports are an opportunity in disguise.

Uniswap (UNI) price rallied higher this Friday after the US jobs report triggered a knee-jerk reaction with a brief break lower. Expect to see a strong situation with UNI rallying substantially higher as traders buy risk assets across the board. Although chances are slim, UNI bulls could close out the week flat and erase all losses from the beginning of this week.

Uniswap price produces positive bullish move

Uniswap price popped in the aftermath of the US jobs numbers after the initial move was a leg lower on the back of a strong release. Looking further under the hood, another picture is painted as  the jobs added are part-time jobs while full-time jobs have turned negative. This means that more people have been laid off from their full-time jobs than were added. The jobs number might beat expectations, but it is only a part-time boost. 

UNI followed the synchronized global move with that move lower only to recover in full and head higher once the dust started to settle. Expect now to see $5.40 to come under pressure. Once that is broken, UNI bulls can rally all the way up to $5.70 in the US session this Friday and go for an unchanged weekly performance as all losses since Monday will get erased.. 

UNI/USD  4H-chart    
    

UNI/USD  4H-chart    

A bigger threat would come from another turnaround in the  markets, should the focus shift back to the big jobs number. Expect a sudden breakdown lower toward $5.20. Should risk assets in general start to roll over, more decline is in the cards. To the downside, that means $4.95 after $5 gets broken.

Author

Filip Lagaart

Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.

More from Filip Lagaart
Share:

Editor's Picks

Bitcoin hits lowest weekly close since August as short-term holders slip into losses

Bitcoin fell below $75,000 on Tuesday, after recording its lowest weekly close since August as selling pressure pushed recent buyers into losses. Short-term holders are approaching their break-even levels, while realized losses have increased relative to profits, according to Monday’s Glassnode Market Pulse.

NEAR Protocol Price Forecast: NEAR risks further decline as bearish signals mount

NEAR Protocol shows resilience above $3.50 on Tuesday, following the previous day’s rebound from the $3.40 support level. Muted institutional investor interest and a steady decline in retail demand, along with a negative Coinbase premium and outflows from NEAR futures, weigh on the AI token.

Ripple and Stellar outlook: XRP and XLM extend losses as bears hold strong

Ripple and Stellar remain under pressure, trading below $1.093 and around $0.146 respectively on Tuesday as bears maintain control of momentum. In addition, weakening on-chain and derivatives metrics suggest that both XRP and XLM are at risk of a deeper correction in the coming days. CryptoQuant’s summary data shows a bearish outlook for both altcoins.

Ripple and Stellar outlook: XRP and XLM extend losses as bears hold strong
Ripple (XRP) and Stellar (XLM) remain under pressure, trading below $1.093 and around $0.146 respectively on Tuesday as bears maintain control of momentum. In addition, weakening on-chain and derivatives metrics suggest that both XRP and XLM are at risk of a deeper correction in the coming days. CryptoQuant’s summary data shows a bearish outlook for both altcoins.
Bitcoin: Bears tighten grip as BTC eyes fifth weekly loss
Bitcoin (BTC) remains under pressure, down over 3% this week, trading near $75,500 on Friday and heading for its fifth straight weekly loss. Persistent outflows from US-listed BTC spot Exchange Traded Funds (ETFs), a sharp sell-off in US technology stocks, and rising market liquidations are weighing on sentiment and limiting Crypto King’s recovery attempts.