UNI is on CME now, but its price is still stuck in the 6.74–7.90 range. This range will soon have to pick a direction.
CME is a U.S. derivatives exchange where large funds and institutions often trade. UNI futures opened on 10/19, making it the first DeFi token to be listed there. But the 10.94 peak came in the very week the news was announced, and by the time it became official, the price was only around 7.3. Futures also let institutions short, so this isn't necessarily one-sided bullish news.
I'd rather look for an entry around 7.25–7.35 than chase the price. That's where the most trading has taken place over the past 10 days, and it also lines up with the 50-day EMA at 7.33. The 7.6–7.9 area looks a bit daunting: this morning, price pushed up to 7.79 and was immediately rejected because the 100- and 200-period EMAs on the 4-hour chart overlap there. I'll reassess only if the daily candle closes above 7.9—and today's candle hasn't closed yet. A close below 6.74 would mean losing the range floor, and my analysis would be invalidated.
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#UNI #Uniswap $UNI
CME is a U.S. derivatives exchange where large funds and institutions often trade. UNI futures opened on 10/19, making it the first DeFi token to be listed there. But the 10.94 peak came in the very week the news was announced, and by the time it became official, the price was only around 7.3. Futures also let institutions short, so this isn't necessarily one-sided bullish news.
I'd rather look for an entry around 7.25–7.35 than chase the price. That's where the most trading has taken place over the past 10 days, and it also lines up with the 50-day EMA at 7.33. The 7.6–7.9 area looks a bit daunting: this morning, price pushed up to 7.79 and was immediately rejected because the 100- and 200-period EMAs on the 4-hour chart overlap there. I'll reassess only if the daily candle closes above 7.9—and today's candle hasn't closed yet. A close below 6.74 would mean losing the range floor, and my analysis would be invalidated.
If you found this useful, please leave a like or follow me.
#UNI #Uniswap $UNI