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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

UNI Shows Signs of Rebound After Crashing 57%; What’s Ahead?

Yashu Gola
Yashu Gola
4 years ago
2 mins read
UNI, UNIUSD, UNIBTC, cryptocurrency, crypto, decentralized exchange

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UNI logged a strong reversal in the running week after crashing by 57 percent in just four days of trading earlier this month.

The UniSwap’s governance token was trading about 30 percent higher from its session low at $3.68. Traders came back to raise their bids for the crypto as its rivals in the decentralized finance space continue to face a market-wide bearish pressure.

So it appears, UNI was among the only DeFi tokens that surged by a double-digit percentage on a 24-hour adjusted timeframe, according to data fetched by Messari.

Chart analyzer Michaël van de Poppe anticipated a “slight trend shift” following the latest UNI rebound. The Netherlands-based analyst added that the token needs to hold $3.75-3.90 as support to ensure an extended upside.

“If so, a higher low is constructed and the price of UNI can continue moving upwards,” he said.

UNI, UNIUSD, UNIBTC, cryptocurrency, crypto, decentralized exchange
UNI trade setup presented by Michaël van de Poppe. Source: TradingView.com
UNI trade setup presented by Michaël van de Poppe. Source: TradingView.com

The token was still trading in its early stage. It, therefore, lacked sufficient evidence of ideal support and resistance targets. Nevertheless, traders expected to return to buying it because of its involvement in the world’s leading decentralized exchange, UniSwap. NewsBTC earlier discussed it here.

Bearish Pressure Sustains

UNI remains an airdrop token–a stimulus-like gift to users from the UniSwap team as they moved from a venture-capitalist funded model to decentralization. As usual, many of the beneficiaries decided to sell the token at whatever rates, causing the trend to flip bearish in the near-term.

About 82,727 addresses are still holding those UNI tokens. Meanwhile, with Bitcoin and Ethereum expecting to head further lowers because of an unfavorable macroeconomic environment, traders with exposure in UNI and other cryptos may want to sell the former to offset their losses.

It is a hypothetical scenario that may become true in the wake of a no stimulus deal by the US Congress and a stronger US dollar.

UNI, UNIUSD, UNIBTC, cryptocurrency, crypto, decentralized exchange
Signs of UNI pullback. Source: TradingView.com
Signs of UNI pullback. Source: TradingView.com

Technically, UNI showed signs of a rebound. But, it now faces a challenging resistance level in the upper trendline of its Descending Channel. The token may correct lower to test $4.39 while keeping an eye on #3.39 for a pullback.

UNI may also extend its recovery by breaking above the resistance to target $5.38. A ‘Golden Cross’ formation between its 20- and 50-hour moving averages also points towards a favorable buying setup.

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Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

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Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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