Altcoin Analysis: AVAX and UNI Charts as of July 5, 2023
With BTC steadfast in its sideways trade, we've set our focus on Avalanche (AVAX) and Uniswap (UNI) for today's cryptocurrency market analysis.
Avalanche (AVAX)
Following a dip to its lowest point on June 10, AVAX is in a local uptrend, currently challenging the resistance zone of $13.32-$13.68. Above this, there are sell orders at the $14.15 mark and around the psychologically significant level of $15.
AVAX still shows a strong correlation with the main cryptocurrency, Bitcoin. If there's a pullback in Bitcoin, AVAX might test the support zones between $12.13-$12.58 and $11-$11.5. Until the asset's price consistently trades above $15, the overall trend will be considered bearish.
AVAX chart on the H4 timeframe
Uniswap (UNI)
Since the 10th of June, the UNI token has been on a consistent uptrend without significant setbacks. Key resistance points currently sit at $6 and $6.5. Given the token's unbroken month-long surge, a dip to zones around $5.18-$5.41 and $4.68-$4.91 would seem plausible, offering fresh opportunities for long positions.
However, the broader trend for UNI will continue to be bearish unless the token price surpasses $7.
UNI chart on the H4 timeframe
Check out Gagarin News for the latest cryptocurrency rates and chart analysis.
Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. These are solely the opinions of the Gagarin News editorial board regarding the market situation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) β a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) β the movement of price between support and resistance levels, without going beyond the given range.
Π β simplified designation of one thousand dollars of the asset price (for example, 23.4K - $23,400).
Gray range on the chart β a support zone.
Red range on the chart β a resistance zone.
Correlation β the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from Gagarin News:
