During the last week, UNI has registered a range below the resistance range of $5.95 to $6.35. The selling pressure observed in this currency in the past weeks has caused the price trend to change from upward to downward in the daily time. Considering the general situation of the market, the possibility of further price reduction and return to lower supports is more likely. In order to determine the fluctuation situation more precisely, we can consider a short-term ascending channel below the resistance in the 4-hour time frame.
The breaking of the bottom of the channel in the range of 5.71 to 5.76 and the closing of the 4-hour candle below it can be a sign of continuing the downward trend and moving towards the main supports. The first support is in the area of the previous floor at the price of $4.72-$5, but if the price hits this area with an upward slope, the probability of breaking this support will increase. In this case, the second support, which is considered in the range of 2.96 to 3.5 dollars, can be the second target of the sellers. With a very high probability, we expect a positive reaction from this area, especially at the price of $3. So, we conclude that if the selling pressure is high, there is a possibility of the failure of the previous fake floor in the weekly time frame.
The breaking of the bottom of the channel in the range of 5.71 to 5.76 and the closing of the 4-hour candle below it can be a sign of continuing the downward trend and moving towards the main supports. The first support is in the area of the previous floor at the price of $4.72-$5, but if the price hits this area with an upward slope, the probability of breaking this support will increase. In this case, the second support, which is considered in the range of 2.96 to 3.5 dollars, can be the second target of the sellers. With a very high probability, we expect a positive reaction from this area, especially at the price of $3. So, we conclude that if the selling pressure is high, there is a possibility of the failure of the previous fake floor in the weekly time frame.
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