Downtrend Alert: UNIUSDT Falls Below Key Support Level

6 jun 2023

💎 Yesterday, #UNIUSDT experienced a significant break below a long-term support level, which also coincided with the bottom of a triangle formation. This break signals a continuation of the long-term downtrend, although there are several important factors to consider.

💎 After the triangle break, the price found support at the downtrend trendline, accompanied by a bullish divergence on the MACD indicator. These factors suggest the possibility of either a strong or a small pullback to the upside. However, it's important to note that the break below the triangle formation is a bearish signal, indicating that the downtrend is likely to continue.

💎 Currently, we outline two potential scenarios for the downtrend's development. The first scenario is a break below the recent low, followed by a consistent drop in price. The second scenario involves a pullback, potentially reaching the downtrend trendline, before the downtrend resumes.

💎 To change the overall trend, #UNI would need to break above the long-term resistance level. Only then would we consider a strong bullish case.

💎 Our ParadiseClub members can rely on us to monitor these developments closely and provide timely updates on any significant changes.