Uniswap (UNI) and Flamingo (FLM) Technical Analysis: What to Expect?
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Uniswap (UNI) and Flamingo (FLM) Technical Analysis: What to Expect?

May 20, 2021      Dalmas Ngetich

Uniswap and Flamingo prices are trending lower in a bear breakout pattern. UNI/USDT and FLM/USDT may shrink to $20 and $0.32, respectively.

Flamingo (FLM)

The NEO and Poly Network-based DeFi protocol combine several features, including trustless swapping, a vault, and perpetual trading. FLM is the primary token helpful in managing the platform via a DAO.

Past Performance of FLM

The path of the least resistance is southwards, judging from price action in the daily chart.

FLM/USDT technical analysis suggests weakness and odds of further selloff could be on the cards.

The token is roughly 17 percent down against BTC and USD, losing 10 percent versus ETH during the same period.

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Meanwhile, there is an uptick in trading volumes, rising 93 percent to $49.5 million over the last trading day.

Day-Ahead and What to Expect

FLM/USDT is trading within a bearish pattern below April 2021 lows with high trading volumes following May 19 losses.

Accordingly, every pullback may be a loading opportunity for aggressive traders.

Notably, sellers appear to be in control since FLM prices are now below the 20-day moving average.

FLM/USDT Technical Analysis

Flamingo Price Daily Chart for May 20

The double-digit loss versus BTC and USD shift price action in favor of sellers.

FLM/USDT prices are now below the 20-day moving average and $0.55—previous support now resistance. As long as FLM prices trend inside May 19 trade range, every pullback is a selling opportunity from an Effort-versus-Results perspective.

FLM sellers can target $0.32—the 78.6 percent Fibonacci retracement level of the Q1 2021 trade range as the first bear target.

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Uniswap (UNI)

UNI tokens govern the leading DEX in Ethereum.

Past Performance of UNI

The selloff across crypto didn’t spare UNI bulls. From the daily chart, UNI prices are down 14 percent versus BTC, USD, and ETH.

At the same time, trading volumes rose 132 percent, pointing to possible flight, liquidation, and take profit in value-preserving attempts.

Day-Ahead and What to Expect

The UNI/USDT price is moving lower in a bear breakout pattern.

After weeks of horizontal movement—now distribution—the May 19 selloff confirms sellers of late April.

Notice that there are a series of lower lows and a breach of the middle BB.

UNI/USDT Technical Analysis

Uniswap Price Daily Chart for May 20

Judging from the daily chart, every high may be a selling opportunity reading from the UNI/USDT technical analysis.

As a result, aggressive traders can sell with first targets at $20.

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Meanwhile, risk-averse sellers can wait for a high volume close below $20 before aiming their sell targets at $10.

#DeFi #Flamingo #FLM #FLM/USDT #UNI #UNI/USDT #Uniswap
Dalmas Ngetich
Dalmas Ngetich

Dalmas has been passionate about the blockchain and crypto space ever since he’s heard about it. As someone who’s been closely following the trends in the crypto space, Dalmas is excited about what lies ahead in this niche and is all set to explore it. While he’s been advocating crypto adoption for a number of years, he’s himself a HODLer, which makes his voice authoritative and credible.