Vital Trading Levels to Follow

The broader crypto market was shaken by the tension between Russia and Ukraine. Uniswap broke below the crucial support level and was priced at $8.32. Bitcoin slipped off the charts at the time of writing, after a 9% depreciation. The crypto market had barely recovered from the December crash.

With tensions between Russia and Ukraine mounting, most altcoins have lost much of their strength again. Uniswap, for example, at the current price level also flashed an annual low.

Uniswap had registered a record high of $45 in May last year after the currency continued to fall on the charts. The currency crossed its support level of USD 12.65 and broke below a series of resistance lines.

Related article | Bloomberg Strategist: Now Is The Decisive Time To Buy Bitcoin

Uniswap Price Analysis: Four Hour Chart

Image source: UNI/USD Trading Display

Uniswap was priced at $8.32 and closed near the immediate support level of $7.87. In the past 24 hours, UNI lost 7% of its value and in the past week, the coin had lost nearly 24% of its value. The coin had been trying to consolidate near the $12.65 support line after UNI continued to move in a downtrend.

After the coin crossed the above support line, UNI had tried to hold itself above the $8.36 price floor, but the coin broke below the $8.36 price. Uniswap had also tried to break back from the $8.36 and hit the price of $9.26.

If the coin continues to trade below the $10.01 price floor, which UNI had retested a few times, there is a chance that UNI will dip below the $7.87 support level.

The currency has now been subdued for nearly a week, forcing the currency to reach an annual low. The last time UNI traded at this price was in the month of January 2021. A drop from the $7.87 would prompt UNI to trade between the $6 and $5.88 price levels.

rode

Uniswap’s technical outlook was quite bearish at the time of writing, over the past week UNI had shown a consistent bearish outlook. Since UNI started falling from the $10.01 support line, buyers have begun to exit the market.

Related literature | Russia can avoid sanctions by using a wide range of cryptocurrency tools

The above situation had pushed the UNI into oversold territory. The Relative Strength Index was parked below the half-line, indicating there was no buying power in the market and selling pressure dominated the coin. While the RSI had noted a slight rise, at the time of writing, the indicator had again begun to side with the bears.

UNI was trading below the 20-SMA line, indicating a bearish outlook. The sellers in the market were responsible for driving the price momentum of the market.

MACD underwent a bearish crossover and the coin started showing red histograms at the time of writing. This reading meant that the market trend continued to behave in line with the bears in the market.

Featured image of PYNMTS, chart from TradingView.com

Leave a Comment