Yesterday's continuation of the fall in the BTC market provoked other coins to similar actions. The fall in the UNI price by 15% is an unpleasant event that indicates the weakness of the coin. Of course, almost all coins have been corrected. However, if UNI and DOT fell heavily, then BNB and FIL coin charts look much better.
A large number of sellers of this coin became noticeable when the UNI price tried to break through $34.6. After the first drop in the BTC price on March 22-24, the UNI market looked one of the strongest. The price practically did not drop for BTC and buyers launched a counterattack. But the buyers failed to gain a foothold above the mark of $34.6 even for an hour: The last attempt of buyers to gain a foothold above this level ended with a sharp response from sellers, and led to a strong fall in the price of UNIUSDT.
At the moment, the UNI market fall looks like it is not over yet. Buyers managed to keep the range of $26.3-27.2. However, the main volumes formed in the range of $31.2-32.2. Notice where the UNI price stopped during an aggressive buyer's attack In our opinion, this range is a sales area. If buyers fail to take control of this range during the next counterattack, we will expect a new wave of decline to $20.
It is at this mark that two trend lines intersect: In addition, the last strong consolidation in the period from January 30 to February 20 is located exactly at the $ 20 mark. The cryptocurrency market has changed. Therefore, in incomprehensible situations, it is better to observe longer. _____________________________ We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements. Subscribe to us and get daily concise analytics!
what are your thoughts on this support level around $25.6?
P_S_trade
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@domcron, Trading volumes at this level have increased and now there is an accumulation of position. For more certainty, we are waiting for the price to bounce up and re-test the price zone. Then the probability of a $32-33 test will be high
domcron
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@P_S_trade that's my thoughts as well. I'm waiting to see a reversal of trend confirmed with a higher high and higher low