UNI Technical Analysis: Below the Fibonacci Pivot Point of $29.29, Look for Levels of $24.98, $20.77, and $14.11

Uniswap is a decentralized trading protocol popularly known for its automation technology. This alt-season definitely gave a boost to UNI and made the token popular among crypto traders. The automated solutions provided by UNI improves the efficiency of trading in the crypto space. Now, let us look at the technical analysis of UNI.

Past Performance 

On September 7, 2021, UNI opened at $22.87. On September 15, 2021, UNI closed at $27.56. Thus, in the past week, the price has increased by approximately 20.50%. In the last 24 hours, UNI has traded between $24.73-$27.60.

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UNI Technical Analysis

Currently, UNI is trading at $27.18. The price has increased by approximately 8% from the day’s opening price. Thus, it seems like bulls have taken control of the market all over again.

The MACD and signal lines are in the negative zone. However, a bullish crossover by the Signal line over the MACD line has occurred. Thus, the overall market momentum is bullish. Hence, the UNI price may rise for the rest of the day ahead.

Currently, the RSI indicator is at 53%. It took support from 39.84% and has risen straight to this level. Thus, it indicates that the buying pressures are high in the market. We have to wait and watch if buying pressures become strong enough to bring about a bearish trend reversal.

In short, when we look at the oscillators, we can say that the price may continue to rise. However, we cannot rule out the possibility of a trend reversal.

Day-Ahead and Tomorrow 

Currently, the UNI price is below the Fibonacci pivot point of $29.29. If the bears take control by the end of the day, then the price is likely to fall below the first, second, and third support levels of $24.98, $20.77, and $14.11, respectively.

The price has tested the FIB resistance level of $32.29. If the price rises from the FIB extension level in some time, this implies that the price uptrend is strong. In that case, the price is likely to rise. However, the immediate resistance that price has to break is at $29.21. Traders can take a long position from here.

   
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