UNI/USDT Analysis: Potential Correction towards 4.8-4.9 ?

Jul 12, 2023

UNI/USDT is currently facing a significant resistance area between 5.65 and 5.70.
Traders should closely monitor price movements within this range, as a breakout above it could signal a bullish trend continuation.

However, our analysis suggests that a price correction is likely in the near term. We expect UNI/USDT to correct towards the key support level at 4.8-4.9.
This correction would provide traders with an opportunity to consider long positions at a more favorable entry point.

Additionally, the 5.65-5.70 area has witnessed a support-resistance flip, indicating a shift in market sentiment.
Previously acting as a support, this zone has now turned into a resistance level. Traders should pay attention to this flip, as it may act as a catalyst for the anticipated price correction.

Despite the recent resistance, the price of UNI/USDT has been exhibiting upward movement by forming higher lows. This indicates the presence of an underlying bullish momentum in the market.

Conclusion:-
In conclusion, UNI/USDT is currently facing resistance in the 5.65-5.70 zone, while a correction towards the support level at 4.8-4.9 is expected. Traders should monitor the support-resistance flip and price movements for further confirmation.