Should you buy Uniswap now, as the charts show that the price is oversold on Friday?

Uniswap (UNI/USD) has fallen by over 30% against the highest level it reached earlier this month, but is now in a make-or-break zone. A reversal out of the $20 zone could give room to some big targets. However, investors should be careful, as a collapse from this zone could mean the beginning of a sharp decline in prices.

UNI has been in a sideways-looking uptrend since May and is back on the bottom of the trendline. Investors expect a turnaround after the strong candle on Friday.

What the charts say:

  • UNI is at a very decisive support level on its trend line, which has been the reversal zone several times in recent months.

  • UNI is trading above 4%, which shows that the bank has returned to the demand zone. However, this could be a small Rückzug before UNI fällt further down. Therefore, investors should be patient before taking long positions.

  • Investors should wait until UNI shows some signs of Stärke and crosses the $22 mark.

  • The RSI was in oversold territory on Friday. Now a small pullback was observed. Therefore, investors should wait until UNI crosses $ 22, as the price could continue to fall after a small increase in the RSI.

  • If UNI is able to crack $22, this could be a great moment to buy UNI. Since a golden crossover was to be seen, UNI could become quite bullish in the coming weeks.

  • A target of $ 33 and $ 44 can be set as soon as a long entry with a stop loss below the $ 20 zone is obtained.

Conclusion

Investors should be patient with UNI and wait for a clear reversal before taking long positions. However, with the jöngsten golden crossover, it looks like UNI might experience some strong moves in the coming weeks.

Should you buy Uniswap now, as the charts show that the price is oversold on Friday? appeared first on Coin Hero.

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