UNIBOT Price Increases by 20% in a Day – Can It Reclaim $100 Next?
Learn about the recent price increase of UNIBOT and its potential to reclaim $100. Explore the technical analysis and price predictions for this cryptocurrency.
Posted 10 months ago in Blockchain
The UNIBOT price broke down from a long-term pattern on September 2, culminating with a low of $55 eight days later. However, the price has recovered admirably since, breaking out from a descending resistance line in the process.
The UNIBOT price has traded inside a head and shoulders pattern since July 24. The head and shoulders are considered a bearish pattern, usually leading to breakdowns. This was the case in UNIBOT, which broke down from the pattern on September 2. The breakout was swift and led to a low of $55 on September 10. However, the price has increased since. The increase accelerated on September 14, when the UNIBOT price increased by 21% in a 24-hour span. Moreover, the price broke out from a descending resistance line that had been in place since the all-time high on August 16, which coincided with the top of the head and shoulders pattern.
If the increase continues, the closest resistance will be at $110, 20% above the current price. On the other hand, a bearish reversal could take the price to validate the descending resistance line at $55, a drop of 40% measured from the current price. The daily RSI gives a mixed reading. While the indicator is increasing, it is still below 50, showing a bearish trend.
The technical analysis from the six-hour timeframe aligns with the bullish readings from the daily one. The shorter-term chart shows that the price broke out from a short-term descending resistance line at the same time it broke out from the longer-term one. Furthermore, the six-hour RSI is increasing and is above 50, both signs of a bullish trend. Therefore, the timeframe suggests that UNIBOT will reach the $110 resistance area. To confirm this, UNIBOT has to clear the minor $93 horizontal resistance area.
Despite this bullish UNIBOT price prediction, failing to clear the $92 area will mean that the trend is still bearish. In that case, the price will be expected to retest the descending resistance line at $55.
Last updated 9/16/2023, 1:05:19 AM
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