The UNI price's breakthrough from $6.75 suggests that there is still room for development. Higher price rejection candles above $6.7 signal that traders should hold off on long trades unless they are confident in the price's durability. The Uniswap token has a $136 million 24-hour trading volume, which represents a 6% loss.
in a bullish breakout on October 5.
This could drive buyers to finish the bull cycle inside the symmetrical triangle pattern. The altcoin will move in a sideways direction, nevertheless, as long as the price action stays in this pattern.
The UNI price's breakthrough from $6.75 suggests that there is still room for development. Higher price rejection candles above $6.7 signal that traders should hold off on long trades unless they are confident in the price's durability. The Uniswap token has a $136 million 24-hour trading volume, which represents a 6% loss.
A symmetrical triangle pattern with a strong resistance and support trendline is produced by the daily chart's general contracting trend in uniswap pricing. The price movement is currently showing signs of recovering and rallying off the support trendline, moving over the daily EMAs (20, 50, and 100).
Within three weeks, there is a 30% increase, and the bull cycle goes over the $6.8 resistance level. A closer look at the price movement reveals that the neckline around $6.75 coincides with an inverted head and shoulder pattern break.
Additionally, a consistent trade volume backs up the recent run of bullish candles, indicating a high likelihood of a successful bull run. Therefore, at the current market prices, sideline traders might find a variety of positive entry opportunities.
The Uniswap market price will instead extend the correction to test the support trendline if the selling pressure picks up. Traders should prepare for a slump in which the bottom level is $5.7.
Technical indicator
EMAs: The regained EAMs (20, 50, and) give buyers a stronger hand in maintaining above the $6.75 resistance level. In addition, a bullish crossover from the 20- and 50-day EMAs would spur on more purchasing.
RSI indicator: a high increase in the daily-RSI slope suggests that the bullish theory is being supported by the market sentiment.
Levels of resistance: $7.6, $9.6
Levels of support: $6.74 and 5.68
