Uniswap could face a challenge when it comes to rallying past its post-FTX level of $4.71. Here's why...
Will the 50% Fib level rescue bulls?A Fibonacci retracement tool was placed between the swing high at the end of May and the June low on the 4-hour chart. The 61.8% Fib level of $4.61, below the post-FTX level, was a key resistance for the past few days.
The 38.2% Fib and 50% Fib levels have acted as immediate support levels during the recovery period’s recent pullbacks. At the time of writing, UNI hit the 50% Fib level , and could breach it if BTC falls below $26.6k.An upside move could be feasible if UNI flips bullish by crossing the post-FTX level of $4.710 and the 78.6% Fib level .
Meanwhile, the RSI declined below the 50-mark, and OBV registered a downtick – suggesting a dip in buying pressure and demand.The open interest rates and the number of futures contracts linked to UNI declined massively between 10-12 June. It dropped from >$43 million on 10 June to about $31 million by 12 June. Moreover, it peaked at $39 million on 15 June before dropping again.The declining OI shows growing bearish sentiment in the futures market in the second half of June.
Additionally, Uniswap’s Exchange Long/Short ratio corroborated the above inference, with shorts commanding dominance at 53.95% in the 4-hour timeframe. The negative derivative metrics could delay the prospects of the H4 structure flipping bullish.
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