- Uniswap remains under pressure of another considerable southward push.
- Bulls will have to present convincing defense and momentum to avoid UNI collapse.
- Meanwhile, massive bearish conditions dominate the altcoin.
Uniswap has its current price atop its last price support level before encountering a considerable sell-off. Though the alternative coin recovered more than 33% of the flash-crash losses, bulls seem to abandon UNI.
Uniswap Perilously Near a Considerable Plunge
According to Ichimoku’s viewpoint, Uniswap price is highly bearish on its daily chart. The Bearish Ichimoku Breakout pattern shows UNI positioned for re-entry. Meanwhile, the alternative coin satisfies all requirements, which include:
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- The present close under Tenkan-Sen
- The current close under Kijun-Sen
- The current close under the Cloud
- Chikou Span is in an open space beneath the candlesticks. Open space is that state where Chikou Span won’t intercept any candle bodies within the coming 5-10 periods.
- Future Span A beneath Future Span B
The requirements to add a prevailing short after completing the Bearish Ichimoku Breakout formation vary. But usually consider crosses beneath Tenkan-Sen or unsuccessful tests beyond Tenkan-Sen. Meanwhile, the latter is valid for UNI price and might attract short-sellers.
If Uniswap fails to maintain the rice level at $16, it might see a quick move to 88.6% FIB retracement area at $10.30. However, bulls trying to add from $16 to $10 may have to be cautious. That is because the volume profile narrows as Uniswap continues to move down, implying accelerated downswings as Uniswap moves lower.
However, bulls have a chance to invalidate any short-term bearishness in Uniswap. That requires a close beyond Kijun-Send and the 50% FIB retracement area at $19.75.
For now, Uniswap remains vulnerable as it might record a 35% dip. The alternative coin has maintained downward actions over the past sessions. The worst thing is that the downward momentum has chances to accelerate, translating to a massive slump.
Anyone planning to interact with UNI at the moment needs to beware of massive bearishness dominating Uniswap. Nevertheless, the narrative might shift. However, that will require commitments from bulls.
What are your views on Uniswap’s price actions? You can share your thoughts in the reply area below.
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