#Uniswap Flatlines, will UNI Bulls Break the middle BB and $7?Past Performance of Uniswap
Uniswap prices are relatively steady at spot rates, moving inside a bear bar but more robust considering gains over the weekend. Per the UN candlestick arrangement in the daily chart, traders can wait for a clear trend definition. As it is, gains above the 20-day moving average with rising trading volumes may see the coin soar to new territories above $7.
#Uniswap Technical Analysis
Currently, UNI buyers are firm, moving inside a tight trade range, capped by the September 6 bear bar. In the past three trading days, prices have increased, albeit with light trading volumes. Sellers are still in control as long as prices are within the September 6 bear bar from an effort versus results perspective. However, if UNI bulls push prices above $7 with increasing trading volumes in a bullish breakout formation, the 61.8 percent Fibonacci retracement level of the June to August 2022 trade range will be a critical support level. Guided by historical performance, it is highly likely that UNI may retest August highs at $9.5. If not, deeper losses below $5.8 and last week's low could trigger a sell-off.
What to Expect from #UNI?
The revival in Ethereum and across the crypto market could have a positive bearing on the token, pumping it to new levels. Currently, $5.8 anchors buyers, and the uptrend will be initiated if there are solid gains above $7, preferably with expanding participation.
Resistance level to watch out for: $7
Support level to watch out for: $5.8
Disclaimer: Opinions expressed are not investment advice. Do your research.
