Uniswap [UNI] Price Recovery: Is It Sustainable?

• UNI’s downtrend slowed after bulls attempted a recovery
• DEXes registered positive growth, and UNI was one of the beneficiaries
• A pullback retest at $5.222 could offer bulls opportunities

UNI’s Downtrend Slowed After Bulls Attempted Recovery

The token dropped from $6.4 to a crucial confluence of support levels that allowed bulls to set it into a recovery path. Despite the market uncertainty, DEXes registered positive growth, with their weekly volume improving by over 100%, and Uniswap [UNI] being one of the beneficiaries according to DefiLlama.

Bulls Have Opportunities for Pullback Retest at $5.222

A pullback retest at $5.222 could offer bulls opportunities with primary and secondary targets at 23.6% (5.788) and 38.2% ($6.138) Fib levels, respectively, offering RR of 1:3 and 1:2 with a stop loss below $5. But a close below December’s low of $5 would invalidate this thesis; if this were to happen, then a retest of December lows would clear all gains in early 2023, but the downswing could face resistance at $4.656.

Mean Coin Age Rises Amidst Fluctuations in Funding Rates

The Relative Strength Index (RSI) fluctuated in the oversold territory showing selling pressure increased; however, the Average Directional Index (ADX) slope rose sharply showing a substantial trend change towards an upturn direction. The Mean Coin Age rose amidst fluctuations in funding rates indicating extensive accumulation of UNI tokens – which is seen as a signal for potential rally movements soon enough.

Long/Short Ratio Show Bears Have Little Leverage

The UNI long/short ratio in the 12-hour timeframe showed bears had little leverage across most exchanges; however, the 4-hour timeframe showed bulls as having more leverage than bears do currently when it comes to trading activities on Uniswap [UNI].

Uniswap Profit Calculator

Those looking to invest or trade Uniswap [UNI] can check out the Uniswap Profit Calculator which allows users to calculate their profits before investing or trading any digital asset on Uniswap’s decentralized exchange platform or any other cryptocurrency exchange platforms available out there today