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Bitcoin price stands at $66,200, and altcoins are more eager for new peaks. What about UNI Coin? As the king of cryptocurrency makes higher closures, risk appetite in altcoins is expected to increase. Now, let’s examine the current outlook for UNI Coin and the signals for the next phase.
UNI Coin Analysis
A significant portion of cryptocurrencies got stuck in a narrow range amid BTC price fluctuations. UNI Coin also formed a horizontal range. Prices that showed low volatility for a long time and got squeezed could see significant breakouts from these parallel channels. When either the $8.35 resistance or the $6.73 support is broken, UNI Coin will have determined its direction.
At the time of writing, the DeFi king, trading at $7.48, is moving towards the channel’s resistance line. BTC is supportive, and we haven’t seen any major developments that would undermine the general market sentiment as we head into the weekend. However, next week, there could be pressure due to the SEC’s potential rejection of Ether ETFs.
On the whale front, there is weakness for UNI Coin. Daily transactions worth over $100,000 decreased by 44% compared to last month. Transactions worth over $1 million saw a net 50% decline in a 30-day period. These are signs of weak whale interest and are not very promising for the short-term outlook.
When we look at the trading volume data, the decline here is also 48%. The concern over the heated battle with the SEC and the general market stagnation help us understand this weakness.
UNI Coin Price Prediction
In the last 7 days, the size of open positions in futures contracts fell by 5% to $76 million. DMI data shows that the selling pressure has not yet weakened. Looking at all this as a whole, we can say that the current outlook is not in favor of the bulls and that more resistance may be seen on the upside.
RSI is below the neutral level and serves as the last critical signal showing weakness for UNI Coin. If the downward pressure increases and UNI reverses its current trend, it may fall to the $7.06 and $6.73 levels. However, if it breaks the resistance level, double-digit price levels will come into play again.
