Uniswap faces price rejection: Here’s where to look for buying opportunities

Uniswap [UNI] faces price rejection: Here's where to look for buying opportunities

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionSentiment has remained eerily negative for the past two months.recovery could be at stake after facing a price rejection at press time. UNI recently plunged by 19%, dropping from $7.533 to $6.103. But bulls found steady ground at $6.228 only to face rejection at $7.030 at the time of writing.

The bears could push UNI to the $6.495 – $6.631 zone. This zone could offer new buying opportunities. A further drop to $6.228 could offer an even better-discounted bargain for the token. But the extended fall could be checked by the 75-period EMA of $6.475.However, a break above the price rejection level of 7.030 would tip bulls to aim at the November level of $7.73. But bulls must clear the obstacles at $7.234 and $7.533 to target UNI’s November high.

Bulls could gain more leverage if the trend continues. But a slowed momentum, as witnessed at the time of wiring, will tip the scale in favor of the bears.UNI showed a bearish sentiment from investors despite the rally in January. Notably, the weighted sentiment has remained relatively negative since November. It also saw fluctuating demand, as seen by the Funding Rate at the end of last year but stabilized in January.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

CryptoAmb /  🏆 22. in CA

Philippines Latest News, Philippines Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

TRX metric skyrockets, beating ETH and UNI, but concerns prevailThe Tron blockchain outperformed most DeFi projects in terms of protocol revenue. Longs were liquidated as TRX failed to make a significant increase. According to DeFi Llama, Tron [TRX] improved its protocol revenue as of 15 February. The protocol revenue is calculated by considering the protocol’s supply side actors and combining it with the liquidity […]
Read more »

Cardano [ADA] faces price rejection at $0.4214, further gains…Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. ADA faced a price rejection at $0.4214. Demand for ADA in the derivatives market fell sharply, but sentiment remained positive. Cardano [ADA] posted a 10% hike on 15 February after Bitcoin [BTC] reclaimed the […]
Read more »

Litecoin [LTC] bounces from $90, will there be a breakout past $100 this time?Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. The four-hour market structure was broken, and a minor pullback could commence. The overall bias was bullish for Litecoin. Litecoin [LTC] slumped to $88.16 on 13 February, while Bitcoin [BTC] dipped to $21.3k. Since […]
Read more »

Polygon [MATIC]: Bulls successful at recovery – is a retest of $1.30 likely?Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. MATIC broke below its ascending channel pattern but was held in check. A retest of $1.30 could be likely if BTC reclaimed the $22.25k level. Polygon [MATIC] successfully recovered but faced a hurdle at […]
Read more »

Dogecoin [DOGE]: Bulls focus on $0.09 target despite bearish sentimentDisclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. DOGE’s market structure was neutral on the 12-hour chart. Despite the bearish sentiment, there was increased demand. Dogecoin [DOGE] tried to recover after falling into the $0.08 area. At press time, the bulls were […]
Read more »

XRP bounces from mid-range support, but advantage remains with bearsDisclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. The higher timeframe structure was bearish, but on lower timeframes, it had flipped bullish. A move upward to the resistance at $0.395 is likely. Ripple [XRP] traded within a range and the bulls forced […]
Read more »