#Uniswap inside a Rising Wedge, Support At $6.2Past Performance of Uniswap
Uniswap prices are within a rising wedge, consolidating, as visible in the daily chart. The uptrend is valid despite bears having the upper hand in the past few days. Still, traders should watch out for how prices perform. If UNI drops below $6.2, there could be more short- and medium-term losses. Conversely, gains above $7.4 and the expanding wedge may pump Uniswap bulls.
#Uniswap Technical Analysis
UNI is trending, consolidating within an expanding wedge. Overall, sellers appear to be resisting attempts higher. However, with UNI consolidating horizontally, soaking selling pressure, buyers stand a chance. In the days ahead, the primary support lies at $6.2, while resistance is $7.4. Conservative traders can wait for a breakout, aware that losses below $6.2 may see UNI retest at $5. Conversely, any surge above the $7.4 to $7.6 resistance zone may trigger demand, lifting the token to August 2022 high of around $9.6.
What to Expect from #UNI?
Presently, UNI prices are consolidating inside the expanding and rising wedge. There are clear resistance and support levels. However, since there appears to be accumulation, the best course of action is to wait for a high volume break out in either direction before riding the emerging trend.
Resistance level to watch out for: $7.4
Support level to watch out for: $6.2
Disclaimer: Opinions expressed are not investment advice. Do your research.
