- Relief on the market helped Uniswap bounce from its local lows
- This may turn out to be a small auxiliary peak instead of a long -term bullish reversal
President Trump announced a 90 -day break for all countries, with China being the only exception. The sale on the American Treasury market may have stimulated this step, giving the global stock markets some lighting.
This news was also good for Crypto. Bitcoin [BTC] bounced by 5% in an hour on the back of this announcement. Uniiswap [UNI] Also saw a prize bouncing, but the long -term trend remained bearish.
Uniswap tests $ 5.5 again, but caution is advised to an outbreak
Source: Uni/USDT on TradingView
In the last 24 hours, Uni bounced from $ 4.55 to $ 5.5 – a jump of 20%. This was a retest of the former support of $ 5.52, now a resistance level. At the time of the press, Uniswap Bulls had not succeeded in breaking out beyond this level.
The RSI on the Daily Chart has been lower than neutral 50 since January. The price has also made lower lows and lower highlights in the past two months. Together they pointed to a strong downward trend, which has not yet stopped.
The OBV refused to fall under the lows of March, despite the recent uncertainty. This seemed to offer Bulls some hope that a recovery was brewing, although it was not yet here.
Since the $ 5.5 level was a resistance level and the long-term trend bearish, it is likely that the price could continue to fall to $ 3.7. The newest BTC breakdown above $ 80k cannot indicate an immediate bullish reversal for the market.
Source: Uni/USDT on TradingView
On the 4 -hour graph, the price action of the past ten days was limited by a falling trend line. The recent leap was unable to climb further beyond the trendline and again underlined Bullish weakness.
Although the RSI climbed over neutral 50, Bulls must remain careful. The OBV has also set a slightly higher high – an encouraging start. Traders can use a retest of $ 5.52 as support to go for a long time. Until then, caution may be justified.
The level of $ 4.6 has developed into a short -term support and could be tested soon. A movement below this level would indicate a bearish continuation and traders could then sell uni discount.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer