UNI done correcting or ready for another leg down?

UNI dumped 39% after the bearish Supertrend Ninja - Clean signal on the 3th April (red vertical line on the background). The Supertrend Ninja - Clean gave 2 bullish signals in 2020 (with the biggest 1065%). In 2021 it gave 2 bullish signals, with 1 bullrun (33%). In 2022 it gave 1 bullish signal, with no follow up.

Whereas UNI corrected at least 22% - 66% after each bearish Supertrend Ninja signal (based on the last 4 signals).

Let's have a look at the other indicators. The Stoch RSI is in oversold levels, pointing downwards. K is below D, which is a bearish sign.
UNI is still in the Bearish Zone of the Ichimoku Cloud , which is bearish .
The RSI is almost in oversold area at 34 (40-60).

If we take a look at the Average Directional Index ( ADX DI) its bearish . The +DI (Green Line) is below the -DI (Red Line). While the Trend Strength is becoming stronger. Since the ADX (Orange Line) is above its 9 Period EMA (Black Line).

Currently UNI is also below its Bollinger Bands Middle, Band Basis 20 Period SMA and the Least Squares Moving Average ( LSMA ). Which are bearish signs. Going down here, the next support is at 5.85 USDT. Supports and Resistances are highlighted as grey blocks.

Conclusion: UNI moving sideways or going downwards. I'll wait patiently on a bullish Supertrend Ninja signal, before entering a long.

Thank you for reading.
Namasté 🙏

Disclaimer: Ideas are for entertainment purposes only. Not financial advice. Your own due diligence is highly advised before entering trades. Past performance is no guarantee of future returns.

What Indicators Do I Use:
In the chart I am using the "Supertrend Ninja - Clean", which is a trend-following indicator (Green and red vertical lines on the background). When the background of the candlestick closes green (vertical line). It indicates a possible bullish (up)trend. And red for downtrends.
Beyond Technical AnalysisCryptocurrencyeasymoneyeasytradeTechnical IndicatorsTrend AnalysistrendchasertrendfollowingUNIUNIUSDuniusdt

Beware of scammers. I do NOT have Telegram, Discord, Instagram, Twitter, Youtube or Facebook.

Tradingview is the only channel I use.

Disclaimer