UNI Technical Analysis: 60% Price Jump Awaits Falling Wedge Breakout
Uniswap is a well-known decentralized trading protocol, renowned for its ability to facilitate the automated trading of decentralized finance (DeFi) tokens. It is aiming to keep the trading of tokens completely automated and accessible to everyone who has tokens, while also increasing its efficiency in trading in comparison to the traditional exchanges.
The Uniswap technical analysis is as follows:
Past Performance of UNI
The UNI coin price remains under the bearish trend influence as it fails to rise above the zone at $20. However, the price action shows an expanding falling wedge pattern in the daily chart. The breakout of this pattern will reignite the bullish fire and can result in a 60% price jump.
UNI Technical Analysis
The UNI coin price teases a rise in underlying bullish sentiments with the expanding falling wedge pattern. However, the post-breakout rally can face high supply areas at multiple spots. The resistance zones are present at $22.5 and $27 that can reverse the future rally if there is a lack of bullish commitment.
The RSI indicator at 47% shows the slope cracking below the central line and finds support at the 14-day SMA. However, the slope shows divergence in the last two dips that indicates high possibility of a bullish breakout.
The MACD indicator shows the MACD (fast) line struggling to rise above the zero line in the daily chart. Moreover, the retracement in the fast line closes in on the signal line. Therefore, the chances of a crossover arise.
The technical indicators are yet to give any conclusive evidence of a bullish breakout. Therefore, traders need to be patient and wait for the price action confirmation.
Upcoming Trend
The underlying rise in the bullish sentiments teases an upside breakout of the descending broadening wedge pattern. Therefore, traders can find an excellent breakout entry spot shortly in UNI coin price.