The main hurdles are apt to beryllium astir the 20 EMA and past 50 SMA arsenic seen connected the 4-hour chart
Uniswap (UNI) is looking to bounce higher aft an extended downtrend that had been exacerbated by this week's crypto sell-off.
The method outlook for Uniswap terms suggests a imaginable betterment supra $20, with a higher adjacent connected the 4-hour chart. However, arsenic the RSI, MACD and moving mean curves indicate, there's a anticipation that UNI/USD could retest little zones earlier rebounding alongside the broader market.
Uniswap terms outlook
At the clip of writing, UNI terms has moved supra the $20 level, astir 2% up connected the hour. Buyers are apt to effort a retest of $20.52, a hurdle marked by the 0.236 Fib level of the determination from $27.60 precocious to $18.33 low.
If the affirmative representation strengthens, bulls could people prices astir $21.65 and past $23 (0.5 Fib level). A regular adjacent supra this country volition let buyers to purpose for an hold supra $24 (0.618 Fib level).
UNI/USD 4-hour chart. Source: TradingView
On the flip side, Uniswap could inactive conflict to shed the wide bearish representation fixed the outlook of the 20 EMA and the 50 SMA. The downsloping curves of the moving averages suggest abbreviated word spot is with the sellers. This bearish imaginable besides receives enactment from the RSI staying wrong the antagonistic zone.
Further adding credence to this position is the MACD indicator, which is projecting a conflict for bulls. As seen connected the 4-hour chart, the MACD shows a bearish crossover and is beneath the zero line.
UNI/USD 4-hour chart. Source: TradingView
In this scenario, sell-side unit could spot UNI/USD commercialized lower. Key enactment levels are astatine $18.30 and $17, with further losses apt to spot bears purpose for July lows astir $14.50.
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