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April 18, 2023
While in the midst of a 3 day downtrend, Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. Uniswap posts light gains on a low-volatility day, ranging between $6.29 – $6.47 and is now at $6.47.
Uniswap is currently trading at $6.47 following the release of Building Permits (Mar) data from the United States.
Meanwhile, United States Building Permits (Mar) came out at 1.41 million, while a consensus of analysts was expecting 1.45 million. Following a previous reading of 7.3%, Housing Starts in United States released today at 12:30 UTC fell short of the 0.4% figure expected by analysts with an actual reading of -0.8%. United States Building Permits released today at 12:30 UTC with a figure of -8.8%, while the previous figure was 15.8%.
UNICORN Token USD could be slowing down soon as it approaches resistance at $7. Of course, crossing it might suggest further gains are ahead. Although up today, early price action saw Uniswap dropping below its 200 day Simple Moving Average at $6.11 — an early indicator that a new downward trend could be emerging.
Examining the technical analysis landscape, Uniswap is likely to reverse course and start pointing downward in the short term.
Uniswap shows positive signs, other assets are also on par: FTX Token is up 9.54%. Chainlink USD is up 5.36%.
Furthermore, the market is looking at United States Crude Oil Inventories projected to decline to -2.46 million while previous data was 597,000; data will be released tomorrow at 14:30 UTC.
Trending positively for about 2 months. 2 months ago, Uniswap fell to a low of $0 but has since recovered 2,654,432%.
