UNI is ripe for buying opportunities after a bullish crossover, but…
Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion
- UNI may attain the 50% Fib stage within the subsequent few days or even weeks if BTC maintains its uptrend
- UNI’s open curiosity is rising, which is a bullish outlook for derivatives markets
Like the remainder of the altcoins, Uniswap [UNI] additionally rallied after BTC regained the $16,000 stage on 22 November. At press time, it was buying and selling at $5.80 and was in an uptrend. The Shifting Common Convergence Divergence (MACD) additionally gave traders a purchase sign by way of its bullish crossover.
Nonetheless, the worth rally confronted important resistance, which cautious merchants ought to be careful for earlier than going lengthy on UNI.
Learn Uniswap’s [UNI] worth prediction 2023-2024
Now we have a purchase sign, however can the uptrend final?
In October, UNI witnessed a serious rally that prolonged into November earlier than the FTX saga put the brakes on it. Subsequent restoration makes an attempt after the market crash established $5.28 as stable assist for the bulls.
At press time, UNI was poised for one more rally after BTC tried to reclaim $17K. A bullish MACD crossover supplied shopping for alternatives for UNI merchants. Nonetheless, the query was: Is the purchase sign stable and will the uptrend proceed?
A key technical indicator confirmed that the uptrend may maintain momentum. The Relative Energy Index (RSI) retreated from the decrease a part of the promoting vary with a steep rise. This confirmed that the promoting strain had eased, and the bulls have been in a position to prop up UNI’s worth.
The On-Steadiness Quantity (OBV) additionally confirmed an increase within the higher vary regardless of an virtually flat profile since 21 November. This confirmed that there was a big buying and selling quantity that would enhance shopping for strain.
If the bulls keep the above leverage, they might break the 38.2% stage ($5.89) and goal the 50% Fib stage ($6.25). Nonetheless, an intraday shut beneath the present assist at $5.28 may negate the above inclination.
UNI sees an rising Open Curiosity
In line with Coinglass, UNI noticed conflicting open curiosity developments in November. After the market crashed in early November, UNI’s open curiosity rose steadily, solely to drop once more beginning in mid-November.
At press time, a rising open curiosity may very well be seen in the direction of the top of November. This confirmed that cash was flowing into the derivatives market of UNI.
Moreover, this additionally indicated a bullish outlook within the derivatives market, which may quickly spill over into the spot market. On this case, the upward momentum of UNI may proceed if BTC continues to pattern upward.