![Which way for Uniswap [UNI]- A recovery, consolidation or retracement?](https://i.headtopics.com/images/2023/3/6/cryptoamb/which-way-for-uniswap-uni-a-recovery-consolidation-which-way-for-uniswap-uni-a-recovery-consolidation-1632539742276317185.webp)
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion UNI’s market structure weakened further. The 90-day Mean Coin Age rose as quarterly outperformed monthly holders. After the price rejection at $7.624 on 18 February, Uniswap [UNI] depreciated by 20%. At press time, the […]
At the height of the January rally, UNI entered a price consolidation and formed a rising channel . The price action breached below the channel in early February but was checked by the 100-day EMA .
But bulls got boosted after a retest of the pullback on the 100-day EMA that offered a strong recovery, setting UNI to reach an overhead resistance at $7.624. The retracement after the price rejection at $7.624 has undermined a successful recovery. Bears could re-enter the market if UNI fails to close above the 23.6% Fib level . They could benefit from shorting the asset at $6. Stop loss could be set above $6.390.
On the contrary, a daily close above the 23.6% Fib level could tip bulls to target the Fib levels of 38.6% , 50% , or 61.8%. IfHowever, the RSI on the daily chart showed an increasing divergence. In addition, the Average Directional Movement Index retreated, showing the UNI’s market weakened and could enter consolidation or further retracement.Quarterly holders outperformed monthly peersThere was a wide-network accumulation of UNI tokens, as shown by the rising 90-day Mean Coin Age.
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