![Uniswap [UNI] falls to key support, can 50% Fib level prevail?](https://i.headtopics.com/images/2023/2/24/cryptoamb/uniswap-uni-falls-to-key-support-can-50-fib-level--uniswap-uni-falls-to-key-support-can-50-fib-level--1629006966545678336.webp)
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. UNI dropped to the 50% Fib support level after BTC breached $23.86k. UNI saw widespread accumulation. Apart from macroeconomic headwinds, Uniswap [UNI] seems ready for expansion and appreciation. Overall, UNI has appreciated by 50% […]
seems ready for expansion and appreciation. Overall, UNI has appreciated by 50% since January. However, it faced a 10% correction following BTC’s sharp price rejection at $25K.BTC has seen fluctuations in the past few days because of overall market uncertainty. However, the Personal Consumption Expenditure , set to be released on Friday, Feb. 24, could hint at whether the FOMC meeting in March will be dovish or hawkish. As such, the release could provide a potential price direction.
At press time, the 50% Fib support level of $6.859 has briefly contained the drop. If the support level continues to hold and BTC surges toward $25k, long-term bulls could target 61.8% or 78.6% Fib levels. Alternatively, sellers could make moves if the 50% Fib level is breached, BTC drops below $23.5k, and the downwsing is confirmed. Bears could benefit from shorting opportunities at 38.2% or 23.6% Fib levels.
The Chaikin Money Flow moved sideways above the zero line, indicating that bulls had limited leverage. Moreover, after hitting the mid-level, the RSI exhibited an uptick, showing the market structure was almost neutral; hence, caution should be exercised.UNI saw an expansive accumulation phase which could bolster a long-term bullish runAs per Santiment, UNI saw network-wide accumulation as shown by the rising 180-day Mean Coin Age. It suggests a potential bullish run for UNI in the long run.
On the other hand, long-term holders have varying benefits from the recent uptrend. In particular, six-month holders saw profits from the recent upswing, as shown by the positive 180-day MVRV. However, the quarterly holders have sustained losses since the end of last month.Subscribe to get it daily in your inbox.
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