Lokesh Gupta
02-08-2022
due to a negative trend, according to Uniswap price analysis.
When the market's breakthrough to the upside ran into resistance at $9.10, the market reversed course and began to fall. The $7.91 level, a crucial support level that was breached today, is where the market is currently trading. There is a probability that the market may find support and rise once again if it can maintain its position above the $9.10 barrier. However, the market is expected to go in the direction of the $7 level if it breaks below the $8 level.
As selling pressure increases, the UNI/USD pair's market as a whole is declining. As the digital asset dropped by about 5.30 percent in the previous day, the UNI/USD pair is displaying a strong bearish momentum. The pair had previously reached a high of $8.43, but the bulls were unable to maintain the advance, and the prices fell back below the crucial support level of $8. The digital asset's market cap is currently $3,614,315,447, placing it at position 25 in the entire market, and the trading volume over the previous 5 hours was $238,818,418.
The coin is clearly in a downtrend as seen by lower lows and lower highs on the daily chart for Uniswap price research. For some time, the prices have been stuck between $7.80 and $8.60, but recently, a bearish breakout has caused the prices to drop all the way to $8.
On the daily chart, the DOJI pattern on yesterday as well as uniswap is trading in channel line and selling pressure seen from top of channel line as psychosocial level $10. As the selling pressure continues, it could touch the lower channel line near $7.00.
KEY LEVELS :
RESISTANCE LEVEL : $8.60-$9.40
SUPPORT LEVEL : $7.20-$6.30
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
5 months ago
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