The price of UNI is regaining ground in a V pattern. Intense supply pressure is indicated by the higher price rejection candles at $6.7. The Uniswap cryptocurrency has a $137 million 24-hour trading volume, representing a 7% rise.
The price of Uniswap coins has shown a steady decline over the last two months.
However, this adjustment helped customers create a Cup and handle pattern. The altcoin has considerable support of $5.2 for the handle part, and the daily chart displays signs of recovery.
The price of UNI is regaining ground in a V pattern. Intense supply pressure is indicated by the higher price rejection candles at $6.7. The Uniswap cryptocurrency has a $137 million 24-hour trading volume, representing a 7% rise.
The Uniswap market price was significantly reduced by the increased supply in August as the current recovery rally turned 180 degrees from the $9.71 level. Additionally, the daily chart shows the reversal that began at the 200-day EMA and coincides with the general bearish trend.
At $5.2 support, however, the bear trend almost loses pace due to a consolidation range with a growing bullish effect. Currently, the price action shows an increase of 6.5% over the previous three days, supported by a rise in trading volume.
The rising demand suggests that a price increase to $9.7, which would complete the bullish pattern and result in a price increase of 177%, is highly likely.
On the other hand, if selling pressure picks up, the Uniswap market price will continue to decline during the correction and eventually reach $8.21.
Technical Indicator
EMAs: A general downward tendency is reflected by the downsloping (100 and 200) EMAs. Additionally, the 100-EMA fluctuating at $6.7 adds another deterrent to purchasers.
RSI indicator: The daily-RSI climbs over the midline after clearly bullish divergence, indicating growth in bullish momentum. Technical indicators, therefore, suggest that a bullish breach from the $4.7 is possible.
