294 Interactions, 4 today
Lower timeframes for Uniswap indicated a change of leverage in favour of the bulls. This could lead UNI to increase to $29.45 and likely challenge resistance at $29.56. In the short term, the reaction of the market at its next resistance level would be significant, and a break above this level will make a rebound towards $32 more possible in the coming days. If UNI is denied at $29.56, it will sink down towards $26.
Uniswap 1-hour chart
UNI formed a descending triangle on the hourly chart before breaking out upward. This transfer did not occur on a high trade scale, making it somewhat suspicious. Following the breakout, UNI bulls were given a target of $29.45, with a degree of resistance at $29.56 as well.
UNI’s bounce from $26.1 to $28.5 was greeted with a dearth of buyers. Based on historical trade activity in this region, the $28.4-$28.8 area is also a supply zone. A jump beyond $29.5 would be expected for UNI to offer buying opportunities, although a return to $27.8 might also entice investors.
The RSI had risen above neutral 50 and was now at 55, indicating a marginal lean to the bullish hand, but this was not an indication of bullish potential. And as the price stabilised from the $26.1 trough, OBV started to fall.
Defending the $26 mark and triggering a rebound in recent days was an indication of waning bearish momentum in the short term. The triangle pattern established a technical goal of $29.45; however, no evidence was found over several timeframes to justify a jump above the $29.56 resistance mark.
Longer timeframes revealed that, while bearish sentiment was waning, purchasing pressure was still absent. For the next two hours, a denial at $29.5 and a revisit to $27.8 are possible.