In the latest analysis by Rekt Capital, recent price movements of UNI and AVAX are examined alongside their potential future paths.
Current Situation on Uniswap (UNI)
The analyst highlights that after successfully retesting the critical support level of $7.21, UNI has begun a rally. The key target is a breakout above the $8.36 resistance. A successful Monthly Close above this level, followed by a retest as support, is crucial for significant movement. On the Weekly timeframe, UNI is forming a Downtrending Channel, needing a close above the blue diagonal resistance for a breakout.
Prospects for Avalanche (AVAX)
Price analysis of AVAX shows it has confirmed its Macro Downtrend as support in recent months, suggesting an upcoming Macro Uptrend. The analyst draws parallels with DOGE, which previously rallied significantly after retesting its Macro Downtrend.
Analyst's Conclusions
The importance of key price levels and trends is emphasized in determining the future trajectories of UNI and AVAX. Both assets have potential for significant moves if certain technical conditions are met.
The analysis suggests that UNI and AVAX might exhibit different behaviors based on key resistance and support levels, highlighting the importance of technical analysis in the cryptocurrency space.
