UNI/USD: Short-Term Trend Challenging Higher Price Range

UNI/USD has experienced a wave of choppy trading short term and is currently near important resistance levels.

After touching a low of nearly 21.20000000 on the 13th of September, UNI/USD was able to climb to a high of nearly 26.00000000 in early trading this morning. However, after touching this important juncture, UNI/USD has seen a slight selloff emerge and now the 25.00 USD mark is being traversed. Resistance near the 26.00 USD mark is significant technically. From the 5th of August until the 7th of September, UNI/USD traversed a range between 26.00000000 and 31.45000000 rather consistently.  

The broad cryptocurrency market has turned in a slightly positive trading session the past day and this has been correlated within Uniswap.  Like the other major digital assets, UNI/USD dropped to an important low on the 20th of July with a value of nearly 14.00 USD tested. The bullish trend higher since the third week of July marched in formation and UNI/USD touched a high of approximately 31.45000000 on the 1st of September.

Uniswap is the 11th biggest cryptocurrency via its market capitalization ranking with close to 15.3 billion USD in value. Technical traders will want to keep their eyes on the 26.00000000 mark as resistance in the short term; if this level is able to be penetrated higher, it could mean a potentially strong buying spree is about to be engaged near term. However, nervous sentiment has been evident in the broad cryptocurrency market and speculators will want to keep their eyes on Uniswap’s major counterparts too.

Short-term support near the 24.50000000 to 24.16000000 levels should be watched carefully. If these junctures falter and are penetrated below, this could indicate that selling momentum in UNI/USD is actually more of a danger. While a low of nearly 21.20000000 was experienced yesterday and held, if this lower value were to be seriously challenged support levels not tested since late July and early August could be targeted.

1 2
View single page >> |

Disclosure: DailyForex will not be held liable for any loss or damage resulting from reliance on the information contained within this website including market news, analysis, trading signals ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.