Support at 10.31 was previously strongly held on the Daily time frame and was lost upon the initial market reaction to Russia's invasion of Ukraine. Upon news that Russians are finding means of avoiding the sanctions through cryptocurrency, price action surged and is aiming to reclaim this level of support in addition to the Daily 20 EMA and flip trend resistance into support (both of which it had previously rejected twice). If successful, this would be an ideal R/S flip and generally a solid area to enter a position, also considering that the Daily 20 EMA and Trend Line support meet for confluence.
Weary of the .618 fib level (drawn from the short-term High: 12.94 and Low: 7.5), this would also have to be reclaimed to further establish a bullish perspective and can generally also be a more conservative level of entry. Alternatively, there is the potential for a rejection from this level. In saying this however, the bullish divergence on the RSI indicator could indicate underlying buying-pressure which could be the volume needed to reclaim this level and head towards the 50 EMA , which had been rejected 3x previously as depicted in the chart, so a close above the 50 EMA would be required to breeze through free-air until heavy resistance in the zone around 14.10. Alternatively, price can reject off the 50 EMA and retest the .618 fib level.
A remaining wick down to 9.51 still lingers in the background and also falls in line with the .382 fib ratio. So with sustaining a risk/reward ratio of 5.6, a stop loss at 9.32 should suffice for any wicks down to wipe out traders or retest trend line support.
A fundamental catalyst to a coin such as UniSwap specifically could be fuelled by the requests from the Ukrainian Vice Prime Minister to Crypto exchanges Binance, Kraken, and Coinbase to block and freeze all Russian crypto exchange accounts. Although they refused, cryptocurrency is a market of speculation, and the fact that the availability of 'decentralised finance' has the potential to be cherry-picked to different countries by centralised exchanges, could call for a stronger attraction to and reiteration for the need of Decentralised Exchanges such as Uniswap to be utilised for the motive of DeFi. Among others such as Pancakeswap, Sushiswap, and Curve, Uniswap is one of the most popular decentralised exchanges in the crypto atmosphere.
easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced charting and analytics. Access no slippage on limit orders, tight fixed spreads, negative balance protection, no hidden fees or commission, and seamless integration.
“Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party."
Weary of the .618 fib level (drawn from the short-term High: 12.94 and Low: 7.5), this would also have to be reclaimed to further establish a bullish perspective and can generally also be a more conservative level of entry. Alternatively, there is the potential for a rejection from this level. In saying this however, the bullish divergence on the RSI indicator could indicate underlying buying-pressure which could be the volume needed to reclaim this level and head towards the 50 EMA , which had been rejected 3x previously as depicted in the chart, so a close above the 50 EMA would be required to breeze through free-air until heavy resistance in the zone around 14.10. Alternatively, price can reject off the 50 EMA and retest the .618 fib level.
A remaining wick down to 9.51 still lingers in the background and also falls in line with the .382 fib ratio. So with sustaining a risk/reward ratio of 5.6, a stop loss at 9.32 should suffice for any wicks down to wipe out traders or retest trend line support.
A fundamental catalyst to a coin such as UniSwap specifically could be fuelled by the requests from the Ukrainian Vice Prime Minister to Crypto exchanges Binance, Kraken, and Coinbase to block and freeze all Russian crypto exchange accounts. Although they refused, cryptocurrency is a market of speculation, and the fact that the availability of 'decentralised finance' has the potential to be cherry-picked to different countries by centralised exchanges, could call for a stronger attraction to and reiteration for the need of Decentralised Exchanges such as Uniswap to be utilised for the motive of DeFi. Among others such as Pancakeswap, Sushiswap, and Curve, Uniswap is one of the most popular decentralised exchanges in the crypto atmosphere.
easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced charting and analytics. Access no slippage on limit orders, tight fixed spreads, negative balance protection, no hidden fees or commission, and seamless integration.
“Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party."
Come join us today at : www.easymarkets.com/