UNI Technical Analysis August 2024
Key Insights
- There is a notable and increased interest in the asset on the part of market participants.
- A consolidation of positions is observed, as is possible further upward direction of price movement.
- The UNI price might reach and even exceed the prior local maximum of $17.
As of writing, UNI holds the 23rd position on the CoinMarketCap ranking with a market cap of $3,868,502,888.
UNI Tech Analysis
After completion of the long accumulation phase, which lasted 630 days, UNI demonstrated an attempt to exit the sideways range. During this movement, the price rose from the minimum value of $3.721 to the local maximum of $17.
However, after reaching this high, a correction followed, during which the price returned to the key volume level of Point of Control (POC), located at $6.306.
This level is significant, as the highest activity of market participants is observed here according to the volume profile data. It is important to note that after the start of the upward breakout, a noticeable increase in vertical trading volumes was also recorded.
Such dynamics indicates the formation of a strong support level in the POC zone, which can serve as a base for a new upward movement, provided the interest of market participants and favorable external background is maintained.
UNI Price Prediction
In the future there is a probability of retesting the level of $17, which earlier acted as a local maximum. This is an important resistance level, at which market participants can fix profits or open short positions, which creates significant pressure on the price.
However, if the demand for the asset remains high and trading volumes continue to grow, the asset may approach this level again. If the asset manages to firmly consolidate above $17, it could open the way to new price targets.
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