Sustained Buying Soon To Drive Prices Above $8


Published 2 hours ago

Over the past week, the Uniswap(UNI) price has increased by more than 35% resulting in the breakout of the $6 mark. Additionally, the getaway unleashes the trapped bullish momentum within an inverted and shoulder pattern, increasing the likelihood of a police rally surpassing the 100-day EMA to reach the 200-day EMA. Will this breakout rally beat the opposing EMAs and reach the psychological mark of $10.

Key points: 

The UNI price breaches the minor resistance level of $6
The bullish rally surpasses the 50-day EMA 
The intraday trading volume in UNI/USD is $174 Million, indicating a 23% hike.

UNI/USD Technical Chart

Binance

Source- Tradingview

Following the sideways trend between the $5.90 and $3.5 mark, the Uniswap(UNI) price action forms an inverted head and shoulder pattern. Additionally, the bullish reversal on the 4th July with an 8.69% jump boosted the bullish trend.

UNI price action shows the reversal from $4.5 jumped 35% last week, resulting in the breakout of the 50-day EMA. However, the breakout rally fails to find bullish support from the trading volume as the trend shows a lateral movement.

Traders can expect the bullish breakout of the inverted head and shoulder pattern, bolstering the price jump to the $8 mark. Additionally, the 100-day EMA breakout may propel prices to the trendsetting 200-day EMA, resulting in a jump to the psychological mark of $10.

Conversely, the bullish failure to Sustain the trend momentum may lead to a bearish reversal rally to retest the bullish breakout of the $6 mark.

Technical indicator

The DMI indicator shows a positive alignment in the DI lines and increased bullish spread. Additionally, the ADX line takes a bullish turnaround following the crossover event. Hence the indicator showcases a bullish trend in motion, gradually gaining trend momentum.

The ongoing recovery has surged the UNI price above the 20-and-50-day-EMA, providing extra edge for buyers. Moreover, the price may soon reclaimed 100-day EMA aligned with $6.6 offering additional confirmation.

Resistance levels: $6.75 and $8
Support levels: $5.90 and $5

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

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.

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