UNI Coin price is near to its support, can it bounce back

• UNI coin price has surged by 2.61 % but declined by 11.74% in a month and 28.07% in a year.
• UNI coin price has formed a descending triangle pattern.
• UNI coin price is trading near its 52-week low level of $3.350.

Market Capital of UNI coin –  $2.505 billion The current Market price of the UNI coin – $4.334

Price overview:

UNI coin price is trading in green with a slight rise of $0.106 (2.31%). The price has surged 3.93% in a week but declined by 10.60% in a month and 27.14% in a year which indicates that the overall trend is down but in a shorter time frame the buyers are showing some strength as the price is near to its support level. UNI price traded near $0.300 in Sept 2020, from there the price surged to 44.64 levels in 2022 a rise of 14900% in two years. The price then started to fall and has never shown a good strength till now. The price has corrected more than 90% from the highs it made in 2022 which is a good fall. The coin is now trying to form a base at the support level and currently trading very close to its 52-week low level of $3.630. The coin is forming a small candle on the daily chart indicating that the coin is witnessing a less volatile session and the price is stable at these levels. The price is consolidating which is a good sign for the buyers as the selling is halted.

Technical Analysis of UNI Coin:

The UNI coin has formed a descending triangle pattern where the price is taking a support between the level $3.3 and $ 3.7, the downward sloping trendline of the descending triangle pattern is currently present near the level $6 which can act as a crucial resistance level of for the coin and the horizontal support of the stock is near the level $7.2 and $7.7. Coin price is currently trading below both the important EMAs of 50 and 100 which indicates that the price of the coin is bearish. But if we observe the slope of the EMA is flat which shows that the coin is trending sideways for so long there is not enough movement on either side. Relative Strength Index (RSI) is at 40.74 which indicates that the momentum is still not favouring the bulls, but the important thing we should notice is the RSI divergence. The coin has formed a divergence between price and RSI, showing that the price is falling but the Indicator is rising.

Conclusion

The coin forms a base near the support area and consolidates from so long, also the chart has formed a descending triangle pattern. The RSI is showing a divergence between the indicator and price, this is an early indication that the price can reverse from these levels. The price has to cross the trendline resistance to start its upward journey

Technical levels

Resistance –  $6 and $7.7 Support – $3.3 and $3.7

Disclaimer

The analysis is done for providing information through technical analysis and no investment suggestions are given in the article to be made by investors. The coins are unpredictable so investors should have proper knowledge. Cryptocurrencies are highly volatile and risky. Investment should be made with proper technical analysis.