Lorenzo Stroe
Independent Analyst
- Uniswap price is still trading inside an ascending parallel channel which is part of a daily bull flag.
- Considering the bullish momentum, a breakout seems more likely for UNI.
- The IOMAP chart shows practically no barriers on the way up.
Uniswap price has been trading sideways for the past 24 hours inside a bull flag pattern on the daily chart. Most on-chain metrics are in favor of the bulls and indicate that a breakout could happen sooner than later.
Uniswap price needs to break $22.7 to see a massive 46% move towards $33
On the daily chart, Uniswap has established a bull flag and an ascending parallel channel. The upper resistance trendline is formed at $22.7 which is the key for a 46% breakout towards a new all-time high at $33.
UNI/USD daily chart
The In/Out of the Money Around Price (IOMAP) chart indicates that UNI bulls will encounter weak resistance on the way up above $20.7. The most significant resistance area is located between $21.1 and $21.3 with 1.23 million UNI in volume.
UNI IOMAP chart
However, the TD Sequential indicator has presented a sell signal on the weekly chart and a green ‘8’ candlestick on the 12-hour chart which will most likely turn into another sell signal as well.
UNI Sell Signals
The validation of these two sell signals can drive Uniswap price towards the lower trendline of the ascending channel at $19.7. Losing this point would invalidate the bull flag and can push Uniswap price down to $17.6 according to the IOMAP model.
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