Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
- UNI hit oversold condition.
- Aggregated CVD spot grew; more liquidations of long-positions.
Uniswap [UNI] dropped to a critical demand zone of $5.24 – $5.5 and could affect sellers if the asset witnesses more aggressive buying at the level.
Bitcoin’s [BTC] sharp correction from $31k set the altcoin market into a pullback. Similarly, UNI retreated after hitting a supply level of $6.5, sliding into a crucial demand zone.
Read Uniswap [UNI] Price Prediction 2023-24
Will the demand zone prevent further price dumping?
Since mid-March, UNI has oscillated between key supply and demand areas, chalking sideways structure within $5.24 – $6.7. At press time, price action was within the key demand zone and could offer bulls some reprieve.
Notably, the structure was bearish at the time of writing, but the stochastic RSI hit the oversold condition. As such, sellers may soon take a back seat, allowing bulls to gain market entry. If that’s the case, UNI could recover and face another price rejection at the supply zone of $6.5 – $6.7.
In such a case, buying at the current level could offer a good risk ratio if UNI retests its range’s upper boundary. Bulls may want to consider a pullback retest or a close above $5.5 before entry. In addition, there are significant hurdles at $5.8, 50-EMA, and 200-MA.
A close below $5.24 will invalidate the above thesis. But an extended downswing could provide
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Author: Suzuki Shillsalot
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