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Vikram
May 31, 2022
by Vikram

 UNI Technical Analysis: Channel Breakout Challenges Sellers At $6

UNI Technical Analysis
UNI price chart shows an outstanding recovery from $4.5, restarting the bull cycle and falling channel breakout as the rally approaches $6.

Key technical points:

  • The UNI market value increased by 5.39% in the last 24 hours.

  • The bull cycle surpasses the falling channel pattern.

  • The 24-hour trading volume of Uniswap is $187 Million, indicating a hike of 21%.

    • Past Performance of UNI

    The falling channel pattern maintains a high bearish pressure on UNI prices, resulting in an average drop of 60% over the past two months. The downtrend has reached its bottom of $4.60 because of the selling spree. However, it is followed by an increase in bullish sentiment as the market recovers. As a result, the bullish reversal leaps up 25% in the past four days, bringing it closer to the $6 resistance mark.

    TradingView Chart

    Source- Tradingview

    UNI Technical Analysis 

    The upward reversal of UNI prices is accompanied by the support of bullish powers, as evidenced by the growth in intraday trading volume. This means the chance of a bullish momentum surpassing the resistance level at $6 is increasing dramatically. The Vortex indicator indicates VI lines delivering a bullish crossover, which is shortly followed by the breakout of the bearish pattern. The Stochastic RSI indicates an early bullish reversal in neutral territory, suggesting the high possibility of a trend reversal sustaining above the pattern.

    In addition, the bullish divergence on the RSI indicator caused the upside trend, increasing the probability of higher inflation rates. In short, UNI technical analysis shows that the ongoing buying frenzy could push UNI prices to the $6 resistance price.

    Upcoming Trend

    If the pressure to buy increases as we get closer to an engulfing candlestick cross over the resistance level of $6. This could push the UNI price towards the next resistance level of $6.60. After that, the downtrend could hit the $4.50 price point in the unlikely possibility of a reversal.

    Resistance Levels: $6 and $6.6

    Support Levels: $4.50 and $4

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     UNI Technical Analysis: Channel Breakout Challenges Sellers At $6
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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