Uniswap Analysis - March 28th
What's up investor friends?
Since last December the value of Uniswap has gone up like crazy, reaching an all-time high of almost $37. All this due to the amount of daily volume on the DEX and investors waiting for the launch of the governance functions days ago.
As we can see, UNI has been in a steady uptrend from the beginning of the year to the present. It has remained above a trend line visible on 4-hour candlesticks.
Last March 24 it broke this uptrend line and since then it has remained below it, oscillating in the $26-29 price range.
The price with the break of that uptrend line, has managed to reach the .38 Fibonacci of the entire upside since January 22. It has bounced there and held above it making a pullback to the uptrend line.
Should it fail to recover above the trendline and resistance at $28, we could see a major correction to the .50 and .618 Fibonacci located at $22.20 and $18.65. I show below.
If the price breaks the $26 support, we could see this scenario play out. But we must remember that altcoins in general can be impacted by Bitcoin and Ethereum. Therefore, if Bitcoin continues its uptrend, UNI and the other alts will probably continue their uptrend as well.
Hope you liked this post and found it useful colleagues. Best regards to all ๐
Disclaimer
The information given in this article is only my analysis and personal opinion. Be sure to do your own analysis and research. Trading cryptocurrencies, forex, commodities, etc, is risky.
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