Published 7 hours ago
On October 5th, the Uniswap coin price gave a bullish breakout from the monthly resistance of $5.7 resistance breakout should encourage buyers to complete a bull cycle within the symmetrical triangle pattern. However, until the price action remains in this pattern, the altcoin will follow a sideways path.
Key points from Uniswap Price analysis:
- The UNI price breakout from $6.75 indicates further growth potential.
- The Higher price rejection candles above $6.7 indicate that traders must wait for price sustainability before entering long trade.
- The 24-hour trading volume in the Uniswap token is $136 Million, indicating a 6% loss.
The overall contracting trend in the uniswap prices creates a symmetrical triangle pattern in the daily chart, with a solid resistance and support trendline. Currently, the price action displays a recovery rally from the support trendline, crossing above the daily EMAs(20, 50, and 100).
The bull cycle accounts for a 30% jump within three weeks and crosses above the $6.8 resistance level. On deeper analysis, the price action offers an inverted head and shoulder pattern break, with the neckline coinciding at $6.75.
Additionally, a sustainable trading volume supports the streak of bullish candles in the last four days, projecting a high possibility of a successful bull run. Therefore, sideline traders can find multiple bullish entry opportunities at current market prices.
If the buying pressure sustains, the uniswap prices will hit the overhead resistance of the 200-day EMA close to the resistance trendline. Therefore, the price action analysis offers a buying opportunity with a potential 20% jump.
On a contrary note, if the selling pressure increases, the Uniswap market price will prolong the correction to test the support trendline. In such a case, traders can expect a downtrend to the bottom level at $5.7.
EMAs: the reclaimed EAMs(20, 50, and ) give an extra edge to buyers to sustain above the breached $6.75 resistance. Moreover, a bullish crossover from the 20-and-50-day EMAs may accelerate the buying momentum.
RSI indicator: a sharp growth in the daily-RSI slope indicates the market sentiment favors the bullish theory.
- Resistance levels- $7.6, $9.6
- Support levels- $6.75 and 5.68
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.