Uniswap

Strong

<p style="text-align: justify">Decentralized exchange Uniswap (UNI), based on <a href="https://en.coin-turk.com/ethereum-transaction-fees-hit-record-lows-as-defi-activity-slows/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethereum</a>, has been experiencing high network activity along with significant selling pressure recently. Renowned cryptocurrency <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">analyst</a> Ali Martinez suggests that UNI may soon undergo a major trend breakout.</p>
<h2 style="text-align: justify" id="selling-pressure-in-uniswap-is-dwindling">Selling Pressure in Uniswap is Dwindling</h2>
<p style="text-align: justify"><a href="https://en.coin-turk.com/latest-crypto-market-analysis-bitcoin-btc-ethereum-eth-and-xrp-coin-review/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Crypto</a> analyst Ali Martinez reports that Uniswap is on the verge of a potential breakout and that 87.56% of UNI investors are currently in a “loss” position. Investors are facing a scenario where selling pressure appears to be diminishing, a strong support level is forming around $4, and optimism is growing among UNI stakeholders.</p>
<p style="text-align: justify">The analyst also notes a significant increase in the number of notable UNI transactions, indicating increased activity from institutional investors and leading UNI holders at current price levels. These major players may be strategically investing or positioning themselves for Uniswap’s upcoming major rally.</p>
<p style="text-align: justify"><img decoding="async" class="aligncenter size-full wp-image-271509" src="https://coin-turk.com/wp-content/uploads/2023/10/Uniswap-UNI-Altcoin.jpeg" alt="" width="2336" height="998"></p>
<h2 style="text-align: justify" id="key-levels-to-watch-in-uni">Key Levels to Watch in UNI</h2>
<p style="text-align: justify">As of writing, UNI is trading at $4.15, up 1.31% in the past 24 hours. According to technical analysis, the key support level for UNI is currently around $4. Martinez reveals that despite Uniswap forming a significant support level at $4, there are two important resistance walls that need to be overcome for a bullish breakout. The first obstacle is at $4.23, where 7,000 wallet addresses collectively hold 14.24 million UNI tokens, while the second obstacle is at $4.45, with 2,000 wallet addresses holding 10.28 million UNI tokens.</p>
<p style="text-align: justify">On the daily timeframe, the Relative Strength Index (RSI) suggests a possibility of a 8% correction to $3.70 if the price falls below the support level at $4.02. Moreover, in such a scenario, selling pressure could increase, potentially pushing UNI down to $3.35, representing a significant 17% drop.</p>
<p style="text-align: justify">Despite these bearish scenarios, if buying pressure manages to push UNI to close above $4.38, a potential 15% increase to $5.04 could be observed. This highlights the inherent high volatility and unpredictability of the cryptocurrency market, emphasizing the importance of cautious and prudent approach for investors.</p> Continue Reading: <a href="https://en.coin-turk.com/uniswap-shows-strong-selling-pressure-analyst-warns-of-potential-breakout/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/uniswap-shows-strong-selling-pressure-analyst-warns-of-potential-breakout/</a>

Uniswap Shows Strong Selling Pressure, Analyst Warns of Potential Breakout

Table of Contents

COINTURK NEWS

Other articles published on Oct 30, 2023

Discovering Bitcoin’s Ordinals with Great Potential

Predicting Solana’s Remarkable 2030 Value

ADA Price Rose 36.5% in Two Weeks as Cardano Sees Increased Whale Transactions and Address Activity

End of ‘Uptober’ targets $40K BTC price — 5 things to know in Bitcoin this week

Daniel Shin denies hand in Terra’s collapse

Cathie Wood’s Ark Invest Shifts Gears, Selling Nvidia’s AI Stock and Diving into UiPath’s AI Growth

Join our free newsletter for daily crypto updates!