Due to the negative developments in centralized exchanges, we can say that the volume is shifting towards the DEX (Decentralized Exchange) side. Especially during the past week, we witnessed approximately 30% increases in DEX coins. As for whether they will continue their rise, it would be beneficial to check the volumes at the beginning of the week before making any trades. Considering that the negative news flow has temporarily subsided, I believe the most important factor to monitor is the volume for the relevant pairs.
When we technically analyzed, we entered a UNI long position from the level where it gave a retest in the lower time frame after the breakout of the downtrend, as discussed in the Ninja Discord. I was expecting the price to test the $6,750 level, but it couldn’t rise to that level. I believe that the selling of $UNI coins by the 1Inch Investment Fund group at the $6.29 level caused a loss of momentum in the price.
If the price comes back to the range of $5,730-$5,600 and receives confirmation in the lower time frame, I would like to enter a long position. I believe the target levels are first the $6,750 level and then, if it surpasses that level, it could rise up to $7.5. Any negative news flow to centralized exchanges (CEX) during the upcoming week could support this price movement.
When I look at the chart from a broader perspective, I really like it. If the market doesn’t experience a pullback, I believe the price could first test the $1.55 level. The next resistance I’m monitoring is $2.06, followed by $2.75. I consider the strongest support level to be around $0.93-$0.91.
The picture is not very appealing in the lower time frame. I’ve marked the range intervals I’m monitoring on the chart. The price in its current range doesn’t catch my attention.
The analyses shared here are not investment advice; however, they are considered support and resistance levels that may provide short to medium-term trading opportunities in the market. The responsibility for taking trades and managing risks lies with the user. Using stop-loss orders in shared trades is strongly recommended.