The cryptocurrency sector is going through a very negative 2022 and November was also very negative. In this context, we will analyze Uniswap and Tron which could have formed interesting reversal areas.
Tron (TRX) At the current price of $0.0543 YTD, it is losing 27%. This number clearly indicates that this year it has performed much better than many other tokens. Also in November, it recorded a decrease of only 13 percentage points.
Tron must break the resistance at $0.00550
Even if it is 2022, for Tron it does not produce a dark red color, in recent months it has shown signs of weakness. In fact, in mid-November TRX went to its lowest levels this year at $0.04526. That bottom line went up after the bad news of defaults at FTX and Alameda. From the minimum it immediately started to rise again, and at the current price it is +20%.
Graphically, Tron price should break the $0.0550 resistance area. Only a breach of this level could trigger further acceleration in TRX towards the fixed resistance at $0.05880.
Uniswap rebounds after the November low
Uniswap (UNI) It is currently trading at $5.9375. And it has achieved a good recovery in recent weeks, after a sharp decline at the beginning of the month, in which it lost 40% in 4 days. It finally ended November at -13%, while the year-to-date loss was -65%.
Graphically, we can see how it hit a low of $4.62 20 days ago, however, it stayed far from its yearly lows, which it hit in June at $3.3270.
Uniswap needs to break $6.20
The price is now bouncing and needs to break the resistance at $6.20. This level is provided by the vector acting at this juncture, which goes from the relative high of $7.788 to the lower level of $4.62. Only with a breach of this level will it be possible to consider a target of $7.72.
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