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Uniswap could return to $16 even as selling pressure continues to build

Uniswap (UNI) ended the week sharply lower after less than impressive CPI data from the US. But despite this selling pressure, the outlook on the token is bullish, at least in the near term. Analysis to follow below, but here are some highlights:

  • At press time, the coin was trading at $10.55, down by around 9% in 24 hours

  • Uniswap (UNI) also saw some bear pressure at the end of the trading week Friday.

  • But there is still a chance the coin could easily bounce back to $16 in the coming few days.

Data Source: Tradingview

Uniswap (UNI) – Price prediction and analysis

As Friday trading was closing in, it was clear that UNI was on the edge. The coin was trying to find sufficient demand around the $11 mark. However, this did not happen. Although $11 proved to be a strong support zone, UNI fell below that. 

At press time, the coin was trading at around $10.55. However, it seems that UNI has stopped the bleeding. It is retesting the $11 mark, and we expect it to rise above that soon. The big challenge now will be to see if there is enough demand at the $11 support zone. 

Based on the trends in the market and indicators on the chart, it is likely that the coin will rise sharply from $11. We expect it to bounce back to $16 or thereabout.

Should you invest in Uniswap?

Uniswap (UNI) is the biggest decentralised exchange on the Ethereum chain. It may not be one of the biggest tokens in the market, but it has attracted a lot of investors. If you are looking for a proven asset with a consistent history of delivering returns, then UNI is perfect. Also, there is an opportunity for a short-term play here for bulls who want to ride the uptrend toward $16.

The post Uniswap could return to $16 even as selling pressure continues to build appeared first on Coin Journal.

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Ethereum (ETH) falls below $3000 in recent crypto pullback – Is a bounce towards $3500 happening?

It’s been a decent month in February for Ethereum (ETH) so far. The coin is climbing from its January lows and in fact, it managed to pierce through the crucial $3000 mark. But as momentum built, ETH has pulled back, dropping below $3000 once more. Here are some highlights:

  • After hitting lows of around $2100 this year, ETH has surged in February, at one point rising to $3800.

  • But the crypto market pullback we have seen has pushed ETH below $3000 in a sharp decline.

  • At press time, the mega-cap coin was trading at $2878, down by nearly 7% for the day.

Data Source: Tradingview

Ethereum (ETH) price analysis – Can it bounce back to $3500

The recent pullback in the price action was largely expected. It’s a very common occurrence when markets go on a bull run. Ethereum (ETH) still remains in a bullish trend even with the recent drop. 

In fact, after dropping to nearly $2000, we have seen a massive rally with the coin falling short of the $4000 during the February run. But despite this, ETH has dropped to $2800. We expect ETH to consolidate around that price before bouncing back towards $3500 in the coming days. 

There is however a risk of a trend reversal here. After all, ETH has gained over 50% from its lows in January. We may see a mini correction of that bullish surge before the coin rises again.

Should you buy Ethereum (ETH) now?

Yes, you should consider buying Ethereum right now. It is likely that the coin may never dip to these levels again. After all, sentiment will eventually improve over the coming months, and ETH will grow. If you are thinking of buying and holding it for at least a year, then this is the time to get in on the action.

The post Ethereum (ETH) falls below $3000 in recent crypto pullback – Is a bounce towards $3500 happening? appeared first on Coin Journal.

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Monero (XMR) Falls again from the crucial $180 supply zone – What next for bulls?

Monero (XMR) has seen some decent rallies in recent days. However, the coin has failed to surge past a crucial supply zone, falling sharply from there. So, what is next for this popular privacy token? Well, some analysis to follow below but first, here are some highlights:

  • Monero (XMR) has struggled to clear the crucial $180 supply zone and has fallen sharply every time

  • At press time, the privacy token was trading at around $168, down by about 6% in 24-hour intraday trading.

  • Bulls must transform $180 from a supply to a demand zone if XMR will rally further above $200.

Data Source: Tradingview 

Monero (XMR) – Price prediction and analysis

Monero (XMR) has had its ups and downs over the years. The coin has faced several regulatory issues and had to be delisted in some major exchanges. But this has not stopped the coin from truly surging. 

After coming under severe selling pressure at the start of the year, XMR has recovered sharply. But bulls have struggled to take the price action above the $180 supply zone. As traders take profit at this zone, XMR has fallen sharply every time it has tested that threshold. 

If bulls are going to take XMR above $200, they must overcome the $180 mark. If they don’t, then it is likely the coin will fall back to its current demand zone of $140. At the time of writing, Monero (XMR) was trading at $168.

Is Monero (XRM) worth buying?

A lot of privacy tokens have come out in the last few years. But Monero (XMR) still ranks among the most successful ones. After hitting highs of $519 in May last year, XMR has failed to retest those levels again. 

This downtrend gives dip buyers a perfect chance to get in. While it may take longer for XMR to return to $500, there is still enough upside to make good returns from the current price.

The post Monero (XMR) Falls again from the crucial $180 supply zone – What next for bulls? appeared first on Coin Journal.