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Uniswap Token (UNI) Tops All-Time High — Will Defi Index Follow? - (TA - 8th of March)

By 0xJonnyDee | My Technical Analysis | 8 Mar 2021


Uniswap Token (UNI) reached an all-time high price of $34.92 on March 8, 2021.

Since it successfully completed a support retest, UNI is expected to continue increasing towards higher levels.

 

UNI Celebrates All-Time High 

UNI had been increasing rapidly since the beginning of the year. However, it reached a then all-time high price of $32.99 on Feb. 20 and started to decrease after. 

The drop continued for roughly a week, but the token has been moving upwards since then. 

The price broke out on March 7, creating a bullish engulfing candlestick, and reached an all-time high price of $34.92 the next day. 

The breakout is likely valid since the MACD broke its bearish trendline and the Stochastic oscillator is close to making a bullish cross.

 

fea609d710a18daf14ba271f7d6b2ae25f8bf3c745214e51ff999e75f757b077.png

 

UNI Trajectory

A closer look at the movement reveals that prior to the breakout, the price retested the previous all-time high resistance at $31. 

Using an external Fib retracement on the most recent downward movement, we can find resistance levels at $42.25 and $57.40

 

cbef0726401e65d72a926852cb4c14659ad2a7141c3d48bc8f6037c98207a66c.png

 

DEFI Index

The DEFI Index reached an all-time high price of $2,711 on Feb. 20 but has been decreasing since.

The movement between Feb. 13-20 looks like a completed irregular flat correction. Therefore, the index is expected to increase and move towards a new all-time high.

While the RSI and MACD support this, the DEFI Index has to clear the $2,300 resistance area before potentially moving higher. 

If it does, the next closest resistance areas would be found at $3,411 and $4,560. These targets were found using the same external retracement levels used in the previous section.

 

c7d2b2138e5be1738749262d872c03040c4b4e252749c67cfd9f55951cd8de26.png

 

Conclusion

Despite being at an all-time high price, UNI is expected to continue increasing towards the $42-$57 range.

The DeFI index is expected to eventually reach a new all-time high, following in the footsteps of UNI.

 

Where do you think the UNI price is going? Leave a comment and let's get some dialougue going! If you like this type of content, consider following me here and leaving a tip. 

Also if you are on Twitter, why not give me a follow and start some conversations? You can find me here - https://twitter.com/dizzlecrypto.

Until next time, stay classy crypto world!

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0xJonnyDee
0xJonnyDee

A Crypto Marketing Wizard with over 7 years experience. Former Marketing Manager at CoinMarketCap. Feel free to get in connect with / content me on - Twitter - https://twitter.com/0xJonnyDee


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