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Over the past week, the Uniswap(UNI) price has increased by more than 35% resulting in the breakout of the $6 mark. Additionally, the getaway unleashes the trapped bullish momentum within an inverted and shoulder pattern, increasing the likelihood of a police rally surpassing the 100-day EMA to reach the 200-day EMA. Will this breakout rally beat the opposing EMAs and reach the psychological mark of $10.
Key points:
- The UNI price breaches the minor resistance level of $6
- The bullish rally surpasses the 50-day EMA
- The intraday trading volume in UNI/USD is $174 Million, indicating a 23% hike.
Source- Tradingview
Following the sideways trend between the $5.90 and $3.5 mark, the Uniswap(UNI) price action forms an inverted head and shoulder pattern. Additionally, the bullish reversal on the 4th July with an 8.69% jump boosted the bullish trend.
UNI price action shows the reversal from $4.5 jumped 35% last week, resulting in the breakout of the 50-day EMA. However, the breakout rally fails to find bullish support from the trading volume as the trend shows a lateral movement.
Traders can expect the bullish breakout of the inverted head and shoulder pattern, bolstering the price jump to the $8 mark. Additionally, the 100-day EMA breakout may propel prices to the trendsetting 200-day EMA, resulting in a jump to the psychological mark of $10.
Conversely, the bullish failure to Sustain the trend momentum may lead to a bearish reversal rally to retest the bullish breakout of the $6 mark.
Technical indicator
The DMI indicator shows a positive alignment in the DI lines and increased bullish spread. Additionally, the ADX line takes a bullish turnaround following the crossover event. Hence the indicator showcases a bullish trend in motion, gradually gaining trend momentum.
The ongoing recovery has surged the UNI price above the 20-and-50-day-EMA, providing extra edge for buyers. Moreover, the price may soon reclaimed 100-day EMA aligned with $6.6 offering additional confirmation.
- Resistance levels: $6.75 and $8
- Support levels: $5.90 and $5
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