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Home»Altcoins»UNI Predicts Bearish Breakout – Can Late Sellers Benefit?
Altcoins

UNI Predicts Bearish Breakout – Can Late Sellers Benefit?

2023-09-02No Comments2 Mins Read
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Journalist

Posted: September 2, 2023

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

  • UNI fell below the $4.50 – $4.94 range.
  • More long positions were discouraged.

Uniswap [UNI] sellers took control of the market on Aug. 31 and were on the verge of a bearish breakout from the near-term range of $4.50 – $4.94. But the price action moved higher towards the low as of this writing and could present another short opportunity for late sellers.


How many Worth 1,10,100 UNIs today?


In a new development, among the largest DeFi gas consumers, UNI contracts led with a consumption of more than 50%. That underlines its resilience and dominance in space.

Can late sellers take advantage of this?

UNI price analysis

Source: UNI/USDT on TradingView

The low of $4.5 was a stubborn resistance during the June recovery. As such, it can turn into a bull headache, especially if Bitcoin [BTC] falls below $26,000. If so, the price rejection at $4.5 could push UNI lower towards the June low of $3.64.

Such a downward spiral could give late sellers a short opportunity with an entry position of $4.5. The take profit levels will be $4.2 for conservative players and $0.3.94 for aggressive players. But the latter was a riskier undertaking.

Conversely, a convincing recovery from the lows ($4.5) and a move above $4.67 will invalidate the short setup.

Meanwhile, the Relative Strength Index and Chaikin Money Flow had negative numbers, indicating subdued buying pressure and weak capital inflows.

Long positions are discouraged

UNI price analysis

Source: Coinglass

According to Coinglass, UNI was more affected by the liquidation of long positions than short positions. More than $860k longs were racked within 12 hours before press time. During the same period, shorts faced liquidations below $10,000, underlining the bearish bias on the higher time frame charts.

See also  Cardano's Bearish Rally Shows No Signs Of Slowing Down! This is the next ADA price target

Read Uniswaps [UNI] Price Prediction 2023-24


However, weighted financing rates showed impressive signs of recovery, pointing to improving sentiment. However, a move and subsequent close above $4.5 could confirm a bullish bias.

Thus, tracking the BTC movements is crucial for better optimized setup and risk management.

Source link

Bearish benefit Breakout Late Predicts sellers UNI
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