UNI Technical Analysis 2023
Key Insights
- In early 2023, the UNI price's been growing steadily with a growth of more than 53%, before a subsequent price drop.
- The $4.956 level coincides with the POC and previously acted as strong support. Breaking below this suggests a liquidation of long positions.
- If UNI breaks out above the $6.161 level, higher targets are very likely to be reached. More rangebound action is anticipated short-term.
As of writing, UNI holds the 25th position in the CoinMarketCap ranking with a market cap of $2,751,125,921.
UNI Daily Timeframe
UNI is a part of the Broadly diversified portfolio and the Cumulative portfolio. Here are the dynamics based on the daily price chart of UNI since the beginning of 2023.
Starting from the beginning of 2023, the price of UNI demonstrated a steady upward movement, starting from the level of $4.956 and reaching $7.614. This represents a growth of over 53%.
Subsequently, there was a significant price drop of more than 52%, from the level of $7.614 to $3.626. During this decline, the price dropped below a strong support level that was established at the $4.956 mark. This level also coincided with the global Point of Control (POC) level based on volume.
The price breaking below the POC level appears impulsive and seems linked to the liquidation of long positions' stop orders that had accumulated above this level.
After gathering liquidity below the POC level, the UNI price demonstrated a confident rise and reached the level of $6.685, representing a growth of over 83%.
UNI Price Prediction
Further price reduction to the current level of $4.775 was driven by a sharp decline in the value of BTC amid negative news.
Taking a global view of the daily chart, a prolonged accumulation phase within the price range of $3.331 to $8 becomes evident. Accumulation is confirmed by the volume profile. In the perspective, one can anticipate the continuation of the accumulation phase with possible false breakouts in either direction aimed at liquidity gathering.
A chart breakout and price consolidation above $6.161 pave the way for the price towards the next targets at $9.819, $12.630, and beyond.
Users can get UNI for fiat or crypto on SimpleSwap.
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