UNI Technical Analysis: Bullish Pattern Restarts Uptrend in Uniswap
Table of contents
Key technical points:
Past Performance of UNI
As mentioned in our previous analysis, the increased buying pressure propels the UNI prices higher above the $6 mark. In doing so, the price action completes the inverted price action and shows a bullish breakout. The bullish rally accounts for a price jump of 28% in the last week and prepares for positive growth ahead.
Source- Tradingview
UNI Technical Analysis
The UNI price action shows the breakout rally gaining momentum as the engulfing candle sustains above the $6 mark. Hence, traders can expect the bull run to continue over the upcoming week. The MACD indicator shows an uptrend in the fast and slow lines, crossing above the zero line to enter the positive zone. Moreover, the MACD histograms resurface as the buyers avoid a bearish crossover reflecting an increase in the buying pressure.
The RSI indicator shows a phenomenal growth in the underlying bullishness as the gradually rising RSI slope prepares to enter the overbought zone. Hence, the indicator displays a high likelihood of a breakout rally surpassing the $8 mark. In a nutshell, the UNI technical analysis shows the technical indicators supporting the bullish side.
Upcoming Trend
If the UNI prices sustain above the $8 mark the buying pressure will drive the market value higher above the $10 mark. On the contrary, if the prices succumb under the $6 level, a downfall will retest the broken pattern’s neckline at $5.80.
Resistance Levels: $8 and $10
Support Levels:$6 and $5.80