The trading week in the UNI market ends with the victory of sellers in the battle for the range of $29-$31. The local growth wave, which buyers started at the end of July, stopped in this liquidity zone. 5-week of buyers’ efforts to take control of this range did not give the desired result.
At the same time, trading volumes both during the growth phase and during consolidation in the range of $29-$31 were average. We want to remind that at the end of May, this liquidity zone became the main foundation for the continued fall of the Uniswap token market.
Given the fact that buyers can not cope with this mark for the second time, we can assume a scenario of global consolidation in the wide range of $14-$31. Buyers are now trying to keep the middle line of this consolidation at $23.18. The continuation of developments in the UNI market will depend on whether buyers will be able to maintain control over the local critical level.
Technical Analysis of UNI on the Daily Timeframe
Analyzing the situation with the UNI coin on the daily timeframe, we see that it was the wrong break of the $29-$31 range that caused the activation of sellers. After an attempt to break this range on increased volumes on 31 August, sellers on the same high volumes returned the price below this range. And the next attempt to take control of the critical range happened on low volumes.
Thus, waiting for a favorable situation, UNI sellers lowered the price by 26%. Though, by closing the two daily candles above the mark of $23.18, sellers showed their fatigue and willingness to give the initiative to buyers. At the moment, the main scenario for the UNI market is the growth continuation to $35. But, for this scenario, it is important to double-check the $23.18 range.
The UNIBTC Price Is in a Great Position to Start Growing
The UNIBTC price chart forecasts growth of at least 55%. Since the end of May, the price is in a wide consolidation range, and now sellers are testing the strength of its lower limit of 0.00048. In addition, the growth wave that began in late July freed investors from the trend line, which sellers limited the space for prices to move up. The retest of this trend line from above gives another sign of UNIBTC market growth.
In the case of synchronous growth of UNIBTC with Bitcoin, investors will see a strong growth wave of UNIUSDT price. Therefore, the main target of buyers is to withstand the current attack and not allow to update the lows.