) has been taking support at the 20-day EMA during pullbacks indicating that the sentiment has turned positive and traders are buying the dips.The bulls will try to buy the current dip and push the price above the immediate resistance at $6.16. If they can pull it off, the UNI/USDT pair could rise to $6.50. This level may again act as a strong resistance but if bulls do not give up much ground, the pair could reach $6.70.
The important support to watch on the downside is the 20-day EMA. A break and close below this level will suggest that the bears are back in the game. The pair may then fall to the 50-day SMA and later to the crucial support at $4.72.The correction on the 4-hour chart has reached the 20-EMA. This is the first important support to watch out for. If the price rebounds off this level, the pair could retest the overhead resistance at $6.17.
Contrarily, if the price slips below the 20-EMA, it will suggest that the short-term traders may be booking profits. That could pull the price down to the support line of the channel. If this level cracks, the pair may slide to $5.08.Arbitrum broke and closed above the symmetrical triangle pattern on July 15, indicating that the bulls have overpowered the bears.
This positive view will invalidate in the near term if the price turns down and plummets below the support line of the triangle. That may trap several aggressive bulls, resulting in a sharp drop to $0.90.The bulls successfully held the retest of the breakout level from the symmetrical triangle, indicating that lower levels are attracting buyers. The bulls will try to build upon this strength by driving the price above $1.36. If they succeed, the pair may pick up momentum.
On the contrary, if the price turns down from the current level or $1.36, the bulls will again try to drag the pair back into the triangle. If they do that, it will suggest that the recent breakout may have been a bull trap. The pair could then drop to the 50-SMA and subsequently to the support line of the triangle.
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