A number of cryptocurrencies have been trading in a tight range due to fluctuations in the price of Bitcoin. UNI Coin is no exception, as it has also been moving within a horizontal range. This lack of volatility may lead to significant breakouts once the coin surpasses either the $8.35 resistance or the $6.73 support levels.
Currently, UNI Coin is trading at $7.48 and approaching the resistance line of the channel. The overall market sentiment remains positive, supported by Bitcoin. However, there are concerns about a potential rejection of Ether ETFs by the SEC, which could introduce some pressure in the upcoming week.
When analyzing the whale activity, there is a decline in daily transactions worth over $100,000 and transactions worth over $1 million. These trends indicate reduced interest from large investors, which does not bode well for the short-term future of UNI Coin.
Furthermore, trading volume data also points to a decrease by 48%. The uncertainty surrounding the confrontation with the SEC and the stagnant market conditions are contributing factors to this decline.
Price Prediction for UNI Coin
Over the past week, the size of open positions in futures contracts has dropped by 5% to $76 million. The DMI data indicates that selling pressure remains strong. Taking all these factors into account, it seems that the current outlook is not favorable for the bulls, and resistance levels may pose a challenge for further price increases.
The Relative Strength Index (RSI) is below the neutral level, signaling weakness for UNI Coin. In case the downward pressure intensifies and UNI Coin changes its current trajectory, it may retrace back to the $7.06 and $6.73 levels. On the other hand, breaking the resistance level could lead to a resurgence in prices to double digits.
This article initially appeared on COINTURK NEWS.
