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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Jun 13, 2024 06:47 UTC
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Uniswap Price Prediction: Will UNI Price Reversal March To $13?
UNI price shows a resistance trendline in the weekly chart.
The bearish reversal continues the lower high formation.
A bounce back from the 50D EMA can pump the UNI price to $13.
With the short-term broader market recovery, the UNI token price shows an intraday reversal that could lead to a bigger trend reversal. As the hopes of a domino effect for a bull run in the coming weeks, the sideline traders anticipate a breakout.
Will the short-term reversal and the potential market recovery ignite a massive price jump in Uniswap? So, will the UNI price prediction of $25 in 2024 hold true?
UNI Price Performance
With the jump of 12.23%, the UNI price trend shows an overnight reversal, revealing a sudden surge in inflow. Currently, the altcoin trades at $9.841 with an intraday pullback of 2.19%.
In the daily chart, the Uniswap price sustains above the 50D EMA but loses the $10 psychological mark. Further, the bullish engulfing candle fails to overpower the 13.19% drop a day prior.
In the weekly chart, Uniswap showcases a long-coming resistance trendline, keeping the bullish growth under check. Currently, the UNI price shows a potential morning star forming at the 50W EMA.
This pattern is generally known for resulting in a bullish reversal and could increase the chances of a trendline breakout.
Technical Indicators:
MACD indicator: The MACD and signal lines in the weekly chart are preparing for a bullish crossover, bolstering the breakout chances.
EMA: The bullish trend in the 50D and 200D EMA sustains the positive outlook for the altcoin and continues to provide dynamic support.
Will Uniswap Cross Above $13?
As per the Fibonacci levels, the Uniswap struggles to reach the 23.60% level at $13. Hence, the recovery rally must surpass the trendline and the Fibonacci level to ensure a long-term uptrend. Upon breakout, the rise in demand with a trend reversal could pump the UNI price to reach $23.23 or the 50% Fibonacci level.
Conversely, if the price drops, then a retest of $7.921 is possible.
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