UNI prices showcase a struggling bullish reversal from the descending support trendline of a falling channel. Will the uptrend continue to reach $6?
Key technical points:UNI prices struggle to surpass $5.50.The MACD indicator shows a bullish crossover event.The 24-hour trading volume of Uniswap is $150 Million, indicating a rise of 30%.
Past Performance of UNI
UNI prices show an upward trend that has shifted at the $4.5 mark, resulting in an early morning star pattern that fuels the price to $5.50. But, the bull market does not break the psychological limit, resulting in an uptrend that comes near five dollars.
UNI Technical Analysis
With buyers holding the trend near $5, the chance of a reversal exceeding $5.50 to break through the trendline resistance increases. The trendline breakout to break through the next psychological hurdle of $6. However, the drop to $5 can fuel the downtrend and cause a decline to the $4.50 threshold.
The crucial daily EMAs maintain a falling trend in a bearish alignment representative of a solid underlying bearishness.
The RSI values take a gradual retracement from the oversold zone and surpass the 14-day average to approach the halfway line.
The MACD indicator supports the bullish theory with the positive crossover ready to restart the uptrend.
Hence, the momentum indicator shows the increased possibility of an uptrend surpassing the resistance trendline.
In short, the UNI technical analysis depicts a bullish continuation possibility above the $5.50.
With the buyers retaining trend control near $5, the possibility of a reversal surpassing the $5.50 to shatter the resistance trendline increases. Traders can expect the trendline breakout rally to reach the next psychological barrier of $6. However, the $5 fallout will fuel the downtrend and result in a fall to the $4.50 mark.
Support Levels: $5 and $4.50
Resistance Levels: $5.50 and $6