Uniswap Price Prediction: The final attempt for gains
- Uniswap price is down 4% on the day.
- Uniswap maintains a 1212 pattern, which could prompt a rally toward the upper $7 zone.
- The uptrend depends on the previous swing low at $6.31 remaining intact.
Uniswap is struggling to breach the $7 resistance zone, but it is finding ascending support in the process. A breakout from the consolidation will likely define the trend for weeks to come.
Uniswap price has a decision to make
Uniswap price (UNI) has been under pressure with a 4% decline, but the daily low at $6.57 is higher than the previous sell-off that occurred on February 1st at $6.31. The ascending support throughout the week fits in with a bullish ramping 1212 pattern, which can be seen on several cryptocurrencies.
Uniswap price currently trades at $6.70 and is encountering the 21-day simple moving average for the third time since UNI's initial 35% swing in January. This puts UNI in a make or break situation next price movement could determine the future trend.
For the bulls to establish a rally, they will need to secure a pivot low not to exceed the previous one at $6.31. Targets lie near $7.50 and potentially the $7.75 zone if the bulls are successful. The target areas are extracted from November 7’s Liquidation event, the $7.70 region was a clear area for bears to place their safety stops during the selloff.
UNI/USDT 1-Day Chart
However, if the $6.31 level is breached, the 1212 pattern would be invalidated, and UNI could retrace to lower liquidity levels within the winter rally. Target prices as low as $5.20 could result in a 21% decline from the current UNI price.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
