UNIUSDT trade analysis on daily timeframe. What comes next ?
After recent market slump, uniswap is trying to recover and break the resistance 1 at around $28, in order to move towards next resistance level at about $34.
It has tried to break resistance 1 two times previously, but failed and if it fails for the third time it might go lower and land on the 200 day EMA which might act as a support.
However, 20 day EMA has crossed down 50 day EMA which shows a bearish sign, but that might also have happened due to a lot of volatility in the recent days in almost every market. If the 20 day EMA manages to cross over 50 days EMA, that's a good sign which might lead to a price reversal.
Also, MACD is currently in negative territory which might get positive if the support level holds.
If this immediate support level holds with good volume, we might see an uptrend soon, else the third attempt to break resistance may fail and it could go much lower.
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It has tried to break resistance 1 two times previously, but failed and if it fails for the third time it might go lower and land on the 200 day EMA which might act as a support.
However, 20 day EMA has crossed down 50 day EMA which shows a bearish sign, but that might also have happened due to a lot of volatility in the recent days in almost every market. If the 20 day EMA manages to cross over 50 days EMA, that's a good sign which might lead to a price reversal.
Also, MACD is currently in negative territory which might get positive if the support level holds.
If this immediate support level holds with good volume, we might see an uptrend soon, else the third attempt to break resistance may fail and it could go much lower.
Follow us for more trading ideas and let us know your thoughts in the comment box.
Happy Trading
Visit Tuned to learn algorithmic trading. Design your trading strategies in our terminal and paper trade, backtest and live trade on your favourite crypto trading exchanges.