Hey friends hope you are well and welcome the new update on Uniswap token.
Priceline of UNI token has broken down all SMAs on 4-hour chart with the time period of 25, 50, and 100.
The price action is moving in a down channel and making a strong attempt to break out. In order to change the trend from down to up we need a breakout from this channel first.
On daily chart the candlesticks are moving below the exponential moving average 10 and EMA 21. Once the price action will be closed above these two EMAs and the EMA 10 will form a bull cross with EMA 21 then a strong bullish rally can be started:
The priceline of Uniswap has formed bullish Gartley on the daily chart as below: the targets as per Fibonacci sequence of Gartley are:
Potential reversal or buying zone: $3.92 to $2.64
Fibonacci projection or Potential sell zone: $4.94 to 7.42
Conclusion: We don’t have sufficient indicators and moving averages available for Uniswap because it is new token. Therefore this analysis is maximum based on patterns. We should use the maximum extent of potential reversal zone of Gartley as stop loss because if this PRZ level will be broken down then the price action can move more down for the completion of bullish Butterfly move.