Uniswap Shows Bullish Pattern As Price Fails To Break $6.8; Are Bears In Control?

  • UNI’s price shows the first sign of bounce after forming a bullish pattern as the price gets rejected into a range channel. 
  • UNI witnessed a reversal in its downwards trend when it broke the resistance at $6.8, but this was not enough to keep it there. 
  • The price action of UNI keeps going as expected. It is now rejected and traded below the 50 Exponent Moving Average (EMA).

Uniswap, once a favorite in crypto-industry has not lived up to its hype as it rose from a low price of $3 to $30 to reach $30. As the crypto market has seen a slowdown, major players such as Bitcoin (BTC), Ethereum(ETH) and Binance Coins (BNB) have had to fight for their survival. UNI’s price formed a bullish structure, despite a strong start to the week. However, it failed to add some support with a rally. (Data from Binance).

Uniswap (UNI), Price Analysis on The Weekly Chart

Uniswap has struggled to regain its bullish momentum in recent times; despite the uncertainty that has befallen the crypto space, the price of UNI hasn’t enjoyed a measure of relief after showing so much strength on the weekly chart rallying from a low of $3.5 to a high of $9.5 before facing rejection from that region. 

After UNI’s price rose to $9.5, it was rejected by investors to reach $10. The crypto market is extremely challenging and this has caused the price to continue to fall.

After rejection of the $9.5 high, the price dropped to $5. The price rose from there to $6.5. It was then rejected to a range channel. 

Weekly resistance for the price of UNI – $10.

Weekly Support for the price of UNI – $5.5.

Price Analysis For UNI On The Daily (1D), Chart

Daily UNI Price Table | Source: UNIUSDT On Tradingview.com

The daily price of UNI is trading below 50 EMA. It formed a cup pattern with a handle and handles pattern, but it was not completed as the price fell into the range. The resistance keeps the price of UNI within the range, trending upwards at $7.

To trend higher, the price of UNI must break above $7 and remain at that level for the next $9.5-10 region. This is a critical supply area for traders. We could see the price retesting its support at $5.5 if it fails to rise above the region.

Daily resistance for the UNI price – $9.5-$10.

Daily Support for the UNI price – $5.5.

Featured image from zipmex. Charts from Tradingview

Get more Crypto News at CFX Magazine