Uniswap price analysis: UNI Token marches higher with its new bull rally

  • The UNI token price is on the verge of a bullish crossover of the 20 and 200 EMA
  • The UNI / BTC pair traded at 0.0006062 BTC with a loss of 4.06%.
  • The current price of the UNI token is $ 20.5, which was determined based on a 2.2% decrease in the last 24 hours.

The UNI token price continues to move higher in the daily timeframe with its newly formed bullish rally. The ascending trendline that carries this uptrend seems to be quite reliable as the price has already been supported by this line several times. However, the price also showed an evening star candle pattern that pushed the UNI token back below the USD 21.5 level, creating a disturbing sentiment for the market bulls.

On the EMAs, the UNI token trades below the 50, 100 and 200 EMA, which is still indicative of a bearish trend in the token. Currently the price is experiencing strong resistance from the 50 and 200 EMA; and in contrast, the 20 EMA is on the cops’ side by providing good support to the UNI token.

The RSI (NEUTRAL) the current value is 50, which indicates a neutral market sentiment.

The UNI token shows head and shoulders.

The UNI token price shows the formation of a head-and-shoulders pattern in a 4-hour time frame. Since it is a heavily bearish pattern, it has the potential to break the rising trendline and provide UNI traders with an excellent short opportunity.

The MACD indicator (BEARISH) shows that both the MACD line and the signal line have reached the neutral zone and are on the verge of a bearish crossover, which can be used to confirm the later breakout of the head and shoulders pattern.

Conclusion: From a technical point of view, the UNI token shows a small upward trend, which is supported by an upward trend line. This trend line can provide multiple ways for traders to ride this rally with great entry points when price bounces off. However, there is also a head and shoulders pattern in the 4 hour timeframe that challenges this ascending trendline. Hence, investors can patiently wait to see how price reacts when it hits this trendline in order to make appropriate investment decisions.

Support: $ 19.1

Resistance: $ 25.1

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