Uniswap Shows Bullish Pattern As Price Fails To Break $6.8; Are Bears In Control?

• UNI’s price shows the first sign of bounce after forming a bullish pattern as the price gets rejected into a range channel. 
• UNI bounced off its downtrend movement as the price broke its resistance of $6.8 but failed to hold this region. 
• The price of UNI continues in its range movement as the price gets rejected into a range and trades below the 50 Exponential Moving Average (EMA).

Uniswap (UNI), a one-time favorite of many in the crypto industry, has failed to live up to the hype it once had as its price rallied from a low of $3 to $30. The crypto market, including the big players like Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB), has had a quiet month as the prices of most altcoins have found themselves fighting for survival as they seek to defend their key support areas. The price of UNI, despite having a good start in recent weeks, formed a bullish pattern but failed to complement this structure with some rally. (Data from Binance)

Uniswap has struggled to regain its bullish momentum in recent times; despite the uncertainty that has befallen the crypto space, the price of UNI hasn’t enjoyed a measure of relief after showing so much strength on the weekly chart rallying from a low of $3.5 to a high of $9.5 before facing rejection from that region. 

After the price of UNI rallied to a high of $9.5, the price has faced rejection to break higher to a region of $10, and the price has continued to struggle to stay afloat, considering how tough the crypto market has been lately.

The price of UNI dropped to a low of $5 after rejection from the high of $9.5; the price of UNI bounced from that region to a high of $6.5, where the price was rejected into a range channel. 

Weekly resistance for the price of UNI – $10.

Weekly Support for the price of UNI – $5.5.

In the daily timeframe, the price of UNI continues to trade below the key resistance formed at 50 EMA after forming a cup and handle pattern but failed to complete the pattern as the price was rejected into the range. The price of $7 acts as the resistance holding the price of UNI from breaking the range and trending higher.

The price of UNI needs to break and hold above $7 for the price to trend higher to a region of $9.5-$10, which is a key supply zone for most traders. If the UNI price fails to break above this region, we could see the price retest its Support at $5.5.

Daily resistance for the UNI price – $9.5-$10.

Daily Support for the UNI price – $5.5.