UNI - 6h. The ultimate target of the correction is $17-18

11 Mar 2021

Renewing the historical high will not always mean a confident continuation of the growth trend. A clear example of this fact is the UNI market. On March 7, buyers managed to update the previous historical maximum of $32.99. However, as we can see in the chart, the breakdown of the critical point was unsuccessful. Buyers were unable to establish themselves above this mark. In addition, trading volumes at the break of the mark of $33 were much lower than the previous time. These facts allowed the sellers to organize a counterattack and lower the price to $29.5. Given the passivity of market participants to both buy and sell, there is a high probability of continued movement of the UNIUSDT price in the wedge.

If sellers manage to continue the local wave of decline, we will expect the UNI price in the range of $26,4-27. This range is quite well protected by buyers. We wrote about this in the previous idea:

In this idea, we have shown a negative scenario if the price of UNI breaks down. However, a positive scenario of accelerating the growth of the UNI price is also possible. In either scenario, a $17-18 test is required.
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We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
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