Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• UNI was trading at an HTF support, heightening bullish chances of a recovery
• The decline in demand suggested otherwise

Uniswap [UNI] saw an update to its Time-Weighted Average Market Maker [TWAMM]. This update is expected to reduce the impact of sudden price swings on large trades. On the price action front, Bitcoin’s [BTC] recent losses saw UNI plunge lower.

Read Uniswap’s [UNI] Price Prediction 2023-24

As previously stated by AMBCrypto, Uniswap has a bearish higher timeframe bias. The report highlighted the $4.5 level as one to short UNI at. This idea was vindicated but the volatility on 2 October saw prices jump to $4.67, which could have stopped some short-sellers.

Will June’s bullish order block be defended?

Uniswap was trading at the psychological $4 support level at the time of writing. It was also a bullish order block on the one-day chart from mid-June. There were two ways to look at UNI. The first was from a range-bound perspective.

The range (orange) extended from $4.03 to $4.68. The presence of the daily Order Block (OB) meant the chance of a bounce was good. The market structure and momentum were bearish, with the Relative Strength Index (RSI)

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Author: Akashnath S

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