The previous trading week on the UNI market was held in an attempt to continue the frantic price growth, which began on 5 November. Buyers’ problems began in the range $4.15-4.25. The growth correction began on 15 November and took place without much aggression.
Thus, the sellers managed to lower the UNI price by almost 25%. However, the fall did not happen on increased volumes and with rollbacks upwards, which shows interested buyers even at local highs.
Though, keeping the UNI price at $3.21 did not add enthusiasm to actively push the price up. In such a way, the price growth trend angle in the UNI market has changed. In the previous article we wrote about the next target $5.2. So far, the market situation is favorable for continued growth of the UNI price.
Still, buyers are in no hurry to buy and have formed a consolidation. While the price is below the range of $4.15-4.25 sellers have a good chance to test the mark of $3.6. This test will show the strength and ambitions of buyers. And isn’t it time to start a thorough growth correction with the first target of $2.85-3?
What can happen as a result of UNI price returning to the range of $3.6-3.8?
This alternative scenario seemed likely to us after the UNI price uncertain exit from the consolidation on the daily timeframe:
As we can see, buyers are confidently keeping the mark $3.6 for 10 days. Although, the price exit outside $3.9 limits twice ended in false breakdowns up. The last buyers’ attempt on 23 November took the price beyond this mark, but the growth impulse after 10-day positions set did not happen. Buyers try to be careful looking at the BTC price situation. Therefore, if in a few days sellers do not manage to return the price within the consolidation limits $3.6-3.9, it will confirm buyers’ intentions and continued growth to $5.2.
If the price returns within the consolidation limits, we should be prepared for a sharp price fall to the range $2.85-3.
Nevertheless, these two scenarios have the same basis – buyers in the medium term own the UNI market and continued price growth until the end of the year is inevitable.