Disclaimer: The info offered doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the author’s opinion
- UNI might attain the 50% Fib degree 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 degree on 22 November. At press time, it was buying and selling at $5.80 and was in an uptrend. The Moving Average Convergence Divergence (MACD) additionally gave buyers a purchase sign via its bullish crossover.
However, the value rally confronted vital resistance, which cautious merchants ought to be careful for earlier than going lengthy on UNI.
Read Uniswap’s [UNI] value prediction 2023-2024
We have a purchase sign, however can the uptrend final?
In October, UNI witnessed a main 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 other rally after BTC tried to reclaim $17K. A bullish MACD crossover supplied buying opportunities for UNI merchants. However, the query was: Is the purchase sign stable and will the uptrend proceed?
A key technical indicator confirmed that the uptrend might maintain momentum. The Relative Strength 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 had been in a position to prop up UNI’s value.
The On-Balance Volume (OBV) additionally confirmed a rise within the higher vary regardless of an virtually flat profile since 21 November. This confirmed that there was a vital buying and selling quantity that might enhance buying strain.
If the bulls keep the above leverage, they might break the 38.2% degree ($5.89) and goal the 50% Fib degree ($6.25). However, an intraday shut under the present assist at $5.28 might negate the above inclination.
UNI sees an rising Open Interest
According to Coinglass, UNI noticed conflicting open curiosity traits 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 could possibly be seen in direction of the top of November. This confirmed that cash was flowing into the derivatives market of UNI.
Furthermore, this additionally indicated a bullish outlook within the derivatives market, which might quickly spill over into the spot market. In this case, the upward momentum of UNI might proceed if BTC continues to pattern upward.