The past week has been good for Uniswap. As of January 26th, UNI was trading at $12.61. As of February 1st , the UNI closing price was $20.45. Thus, UNI price rose by approx. 62% in the last week. The UNI price rise can be primarily attributed to the rising popularity of DeFi. ‘Robinhood’ debacle has been a catalyst in the growing attractiveness of the DeFi sector. https://ift.tt/2O1UpMx How Does UNI Look Ahead Currently, UNI is trading at $19.05 – a downtick from the opening price of $20.45. The RSI indicator is at 36%. It is heading towards the ‘oversold’ region indicating selling pressures are very high. With increased sell-offs by whales, a price pullback is confirmed. The A/D and OBC indicators are also falling. The OBC indicator fall is steeper than that of the A/D line. However, both imply high distributions or selling pressure. With the UNI price also steadily falling, a bear-run may be on the horizon. The AO indicator is adding credence to the bearish signals given by the other indicators. The AO indicator is currently negative implying strong ‘sell’ signals. So with most of the crypto investors going short, prices are likely to fall further. The MACD and signal lines are also negative. A ‘bearish crossover’ by the MACD line over the signal line in the negative territory gives strong signs of a downtrend. The SMA and EMA are below the UNI price line. The Bollinger bands show that the current price is closer to the lower band indicating the crypto is being ‘oversold’. Thus, the Bollinger band, SMA, and EMA suggest a price downswing. Currently, the price is just below the Fibonacci pivot point of $19.48. But, as the day progresses, we can expect it to go below the 1st Fibonacci support level of $18.14. It may even go below the subsequent Fibonacci support levels of $17.31 and $15.96 respectively by tomorrow. In short, UNI price on a downtrend.
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