- Uniswap collected more than 30% when Bitcoin $ 100k renovated.
- The resistance of $ 8 can become sticky if the break-even holders settle positions.
Uniiswap [UNI] Pumped 26% on 8 May when Bitcoin shot above $ 100k for the first time in three months.
On 9 May, before the American market was opened, the Defi -Toks achieved an extra profit of 3%, resulting in the total recovery at 35% in the last 48 hours.
But can the rally extend until the weekend with an important obstacle for the $ 7.5- $ 8 zone?
Uni’s path forward
Source: Uni/USDT, TradingView
The Q1 -Dump released around $ 5, the same level that stopped the decrease in August 2024. If the recovery of last August were to be repeated, the overhead hindernis at $ 8 (red zone) was the most important direct target.
Bulls could therefore still insist on an extra profit of 18-20% of the current level of $ 6.3 to $ 7.5- $ 8.0. In fact, the RSI was near the Overbough area, which means that reversing signs still had to be flashed.
Moreover, the average true range (ATR), which follows volatility, was still low, which suggests that the rally can be far from.
On the contrary, the bullish thesis will become invalid as a uni below the 50-EM (exponentially progressive average) slips away at $ 5.8.
More than 60% Uniswap holders at Break-Even
It is worth noting that the overhead hindernis can be sticky because of two important factors. Firstly, only 8% of the UNI holders had a profit at the current value, but 61% of the holders were at a break-even level.
In a worst-case scenario, investors were able to discharge their stock at Brak-Even to retain their capital and block the rally.
Santiment in fact showed that those who have held the Token in the past 30 days had an average non -realized profit of 18%.
This can lead to short -term holders to make a profit.
Source: Santiment
All in all, the $ 8 overhead can be a challenge for bulls, especially if BTC slips under $ 100k.
However, if the risk-on sentiment extends and BTC dominance drops to 60% or lower, Uni $ 9.5 or the psychological level of $ 10 can monitor.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer
Credit : ambcrypto.com
