Tuesday, October 3, 2023
Homebtc newsUniswap Shows Bullish Pattern As Price Fails To Break $6.8; Are Bears...

Uniswap Shows Bullish Pattern As Price Fails To Break $6.8; Are Bears In Control?

  • UNI’s price shows the first sign of bounce after forming a bullish pattern as the price gets rejected into a range channel. 
  • UNI bounced off its downtrend movement as the price broke its resistance of $6.8 but failed to hold this region. 
  • The price of UNI continues in its range movement as the price gets rejected into a range and trades below the 50 Exponential Moving Average (EMA).

Uniswap (UNI), a one-time favorite of many in the crypto industry, has failed to live up to the hype it once had as its price rallied from a low of $3 to $30. The crypto market, including the big players like Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB), has had a quiet month as the prices of most altcoins have found themselves fighting for survival as they seek to defend their key support areas. The price of UNI, despite having a good start in recent weeks, formed a bullish pattern but failed to complement this structure with some rally. (Data from Binance)

Uniswap (UNI) Price Analysis On The Weekly Chart.

Uniswap has struggled to regain its bullish momentum in recent times; despite the uncertainty that has befallen the crypto space, the price of UNI hasn’t enjoyed a measure of relief after showing so much strength on the weekly chart rallying from a low of $3.5 to a high of $9.5 before facing rejection from that region. 

After the price of UNI rallied to a high of $9.5, the price has faced rejection to break higher to a region of $10, and the price has continued to struggle to stay afloat, considering how tough the crypto market has been lately.

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The price of UNI dropped to a low of $5 after rejection from the high of $9.5; the price of UNI bounced from that region to a high of $6.5, where the price was rejected into a range channel. 

Weekly resistance for the price of UNI – $10.

Weekly Support for the price of UNI – $5.5.

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Price Analysis Of UNI On The Daily (1D) Chart

Daily UNI Price Chart | Source: UNIUSDT On inew.news

In the daily timeframe, the price of UNI continues to trade below the key resistance formed at 50 EMA after forming a cup and handle pattern but failed to complete the pattern as the price was rejected into the range. The price of $7 acts as the resistance holding the price of UNI from breaking the range and trending higher.

The price of UNI needs to break and hold above $7 for the price to trend higher to a region of $9.5-$10, which is a key supply zone for most traders. If the UNI price fails to break above this region, we could see the price retest its Support at $5.5.

Daily resistance for the UNI price – $9.5-$10.

Daily Support for the UNI price – $5.5.

Featured Image From zipmex, Charts From Tradingview



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