Bad times in the UNI market are over. The UNI market recovery began last weekend. Sellers were not allowed to enjoy the continuation of the downward trend and test the key range of $2.7-2.8.
Thus, over the past weekend, buyers bought most of the lost price zone and closed the weekly candle with a hint at the trend reversal. Total depletion of the local fall trend did not require even additional costs for its reversal:
Price was just looking for a new owner who would take it and bring it to light. On 12 December, such an owner was found. For 7 days, the UNI price rose systematically without the use of additional volumes. The situation changed on 16-17 December, when BTC started a new wave of rally and renewed the historical high.
The UNI volumes have significantly increased in fact 3 times:
Taking 2nd place according to the Coinmarketcap, the UNI market recorded a daily trading volume of $1,190,847,177. The positive dynamics of volume increase on the growth trend and the price growth by 30% in 7 days – can’t but please the UNI investors.
Although the price movement in the black correction channel from 19 November continues. Analyzing the UNIBTC pair chart, there is a noticeable decrease of the price fall dynamics:
As long as the UNIBTC chart is in the blue wedge, we will not see an aggressive growth momentum on the UNIUSDT chart. Crypto investors want to get fed up with BTC first.
Given the confidence in a strong growth trend, no one will stop investors from investing purchased Bitcoins in DeFi projects. And given the UNI popularity in the Defi space – this is one of the first tokens in which Defi communities are interested.
What should we expect from the UNI price next?
This local buyers’ attack has basic support at $3.5. Keeping it, buyers will start storming the range of $4.1-4.25. The first serious target of buyers is at $5.2.
Below the mark $3.5 the initiative will pass into the hands of sellers. And this time sellers will still be able to push the price to the range of $2.7-2.8. This scenario is an alternative and possible with a sharp BTC correction to the range of $19,300-19,500.
The UNI price fall from 24 November corrected the previous wave of growth by more than 50%. Given what UNI buyers have been able to do in 10 days, starting on 5 November, the new growth momentum should be even stronger. Therefore, the global picture of the token is quite cheerful. Let’s see how long it will take to implement it.