Uniswap (UNI) Price Breaks Out Of Multi Week Falling Wedge, Here Are The Levels To Watch

Uniswap (UNI) has brought an amazing solution to the crypto ecosystem as decentralization continues to become more & more used. The ability to trustlessly swap tokens with one another has gained a huge amount of traction over the last year as users continue to trust centralized companies less and less.

Uniswap currently accounts for nearly 22% of all decentralized exchange volume with a current 24 hour volume of 1.6B. Given this usage, we must expect UNI to continue reviving as long as BTC allows for it.

Ever since UNI broke the $25 mark earlier this month, price has respected it as support. UNI price climbed nearly 120% in less than three weeks & since then it’s been consolidating in between two important levels. Just the past day, UNI managed to break out of this pattern and surge right to its major resistance zone.

This resistance zone is found from $29.06-$30.27 & has held UNI down for several weeks now. For a bullish breakout to occur, UNI must break & hold this zone & that will allow it to hit its given targets.

Uniswap Price Analysis: UNI/USDT 4 Hour Chart

Over the past month, UNI price has been held up by its 200MA. This can be used as a good gauge as to whether or not UNI is in a bullish state. While looking at the chart, a potential path is given for UNI to follow. This would be a retest of the previous resistance trend. If this occurs & bulls fail to hold above this trend, UNI may be in for a further fall. In the case UNI breaks below its major support of $27.49 along with the 200MA, we should then expect a fall to $25 to occur at minimum.

While looking at the Stochastic RSI, we can see strength just hit the top value within the overbought region. As long as strength continues above the 80 value, UNI price will continue in a bullish push. At any time if strength breaks below, we should expect a pullback to occur. The MACD just crossed above the 0 value for the first time in a week. A pullback to the 0 value is likely as the histogram has started to turn around.

UNI Intraday Analysis

Spot rate: $29.54

Trend: Neutral

Volatility: High

Support: $29.06

Resistance: $30.27

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

Domenic

Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.

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