Uniswap Price Analysis: Reversal Pattern May Shoot UNI Price Toward $8

Brian Bollinger
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Why is Uniswap Price Up 17% Today?

The Uniswap (UNI) market price has doubled since last month and is currently trading at $6.99. Furthermore, the altcoin has recently triggered an inverted head and shoulder pattern with a $6.5 resistance breakout. Thus, the expected retest to the breached resistance should give an entry opportunity for interested traders.

Key points:

  • The UNI price has gained 28% in the last three days.
  • The bullish crossover between the 20-and-50 EMAs may accelerate the ongoing bullish recovery.
  • The 24-hour trading volume in the Uniswap token is $385.8 Million, indicating an 8.8% gain.

UNI/USDT ChartSource-Tradingview

For the past two months, the UNI buyers struggled to breach the $6.5-6.1 supply zone, resulting in a range-bound rally. However, the consolidation shaped into an inverted head and shoulder pattern and offered a recovery opportunity for coin holders.

On July 14th, the UNI/USDT pair gave a decisive breakout from the $6.5 neckline resistance and a massive volume pump. This increasing volume reflects the buyer’s commitment to a legitimate recovery rally.

Today, the UNI price is down 0.43% and is expected to retest the breached resistance. Furthermore, if buyers could sustain the altcoin above the $6.5 mark, the market price should soar 14% to the $8 psychological resistance. 

If buying pressure persists, the altcoin may slice through the $8 resistance as well.

On a contrary note, If the UNI price fails to show sustainability during the retest phase, the sellers may pull it below the $6.5-6.1 support.

Technical indicator

The daily EMAs 20, 50, and 100 offer significant input during the past eight months’ downtrend, providing dynamic resistance to UNI price. However, the recent price recovery has reclaimed these EMA and is expected to offer a possible support level.

Since the recent consolidation phase, the RSI slope has been rising steadily, hinting at the growth in bullish momentum. However, the currently bearish divergence in its peak favors a retest phase.

  • Resistance levels- $8, $9.8
  • Support levels are $6.5-6.1 and $4.66
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.