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Amid the widespread recovery in broader markets, the Uniswap token price rebounded from the $5.66 support. A bullish reversal surged the prices 10% higher from this support and continued with the formation of the inverted head should pattern. However, the selling pressure at a higher price indicates that the potential recovery may stall by a few more trading sessions.
Key points:
- The Bullish pattern encourages buyers to reclaim the $7 mark
- The rising prices struggle to surpass $6.5
- The 24-hour trading volume in the Uniswap token is $148.1 Million, indicating a 20% loss.
Source-Tradingview
The Uniswap token price forms an inverted head and shoulder pattern in the daily time frame chart. The head and shoulder portion of the pattern reflects two significant support levels for coin holders.
Thus, the altcoin chart shows that the $5.7 and $5.2 support levels are important for buyers to maintain a price recovery. Under the influence of this pattern, the altcoin should rise 10.6% higher to hit the $7 neckline resistance.
However, the Uniswap token price currently trades at $6.25, and the higher price rejection attached to the daily candle indicates supply pressure from above. With sustained downfall, the altcoin should retest the $5.6 support and replenish the bullish momentum.
Thus, a price rally to $7 resistance is likely if the buyers manage to sustain above the $5.66 support, . A bullish breakout from this $7 neckline will accelerate the bullish momentum and push prices to the $8 mark.
On a contrary note, a breakdown below the $5.2 support will invalidate the bullish thesis and prolong the ongoing downfall.
Technical indicator
EMAs: the crucial EMAs(20, 50, and 100) gather around the $6.5 mark and offer a formidable barrier against bullish growth.
RSI indicator: despite a sideways price action, a steady rally in daily-RSI shows increasing bullish momentum. Furthermore, the indicator slope on the verge of crossing above 50% indicates improving market sentiment.
Uniswap intraday price levels
Spot price: $6.22
Trend: bullish
Volatility: High
Resistance levels- $7, $8
Support levels- $5.66 and $5.2
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