Uniswap technical analysis: Bulls look for new levels after the widespread rise!

Avatar James Lochner 2 years ago

In the last 24 hours, a large majority of cryptocurrencies have been in an uptrend following the recovery of Bitcoin above US$ 21,000. However, Uniswap (UNI) has stood out among the altcoins for having registered considerable gains, and if we appreciate its technical outlook, we will note that there was a bullish momentum pattern for several days.

The price of UNI at the moment is exactly US $ 7.30 and registers a gain in the last 24 hours of 4.95% and also accumulates gains in the last 7 days, being exactly 11.48% according to data from CoinMarketCap.

Question: Will the bull run continue?

In our technical analysis of Uniswap, we also have to assess the fundamental situation. And first of all, we have a recent fact of great importance, and that is, that the Robinhood cryptocurrency exchange will add support for Uniswap. Therefore, we can say that the rise of the native token, UNI, is supported.

On the other hand, as mentioned in KEY ALERTS, it is worth keeping an eye out for the new FED hike that will take place for the second consecutive month, and which, probably, will be 75 basis points. Since, politicians opposed that there was a greater measure.

Despite the fact that everyone is already preparing for a possible shake-up, this generated peace of mind even for the crypto market and UNI traders. Since, the rumors that the July rise would be 100 basis points were generating panic. So, this can be considered a relief.

Technical analysis of Uniswap in daily temporality

In our technical analysis of Uniswap, in the daily temporality, the first thing that can be seen is an inverted HCH pattern that warned us of the rise. Additionally, there were consecutive rejections during the rise; 2 in the support zone at US$3.53 and 2 more with the central EMA of the ENV.

It should be noted that the bull run backed by the news of Robinhood could return us to the resistance zone that is located at US $ 8.17. However, if we are a little pessimistic about the market, and the new FED hike, we can also note the bullish wedge formation. In the same way that happened during March, and that knocked down the prices of UNI.

Technical analysis of Uniswap indicates that prices may collapse by more than 40%
Technical analysis of Uniswap indicates that prices may plummet by more than 40%. Source: TradingView.

This leads us to consider, that there may be a new crash in UNI; in the same way that it happened the previous time. It is quite likely that this is more than 40% according to historical data. Therefore, it is worth being attentive to the break of this channel and the support zone located at US $ 4.65. Above all, because the RSI is at overbought levels, exactly 68 points. In addition, the MACD histogram shows weakness in the trend.

And this is not to be pessimistic, but we must keep an eye on both aspects of the picture. Since, you can leave us excellent profits if we are trading futures… Successes with your orders!

The information in this content should be taken for informational purposes only, not intending under any point of view to urge the purchase / sale of financial assets.

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