- Uniswap price has bounced off the weekly support at $14.97, signaling the start of an uptrend.
- Investors can expect UNI to revisit $18.67 after a minor retracement.
- A four-hour candlestick close below $14.97 will invalidate the bullish thesis.
Uniswap price has created a double bottom around a crucial weekly support level, resulting in a new uptrend. Although there might be a minor retracement, investors can expect the recent bullish outlook to persist.
Uniswap price to kick-start a new leg-up
Uniswap price set a higher high at $16.64 after bouncing off the $14.97 weekly support level twice in the last four days. This development resulted in a quick run-up which seems to have hit a temporary ceiling.
Market participants can expect Uniswap price to undergo a minor retracement as preparations for the next leg-up. Assuming UNI retraces to $15.33, investors can open a long position there, expecting the next rally to propel the token to retest the weekly resistance level at $18.67.
Investors can take profit at the level mentioned above or wait for a sweep of the $19.61 hurdle to collect the buy-stop liquidity resting above it. Either way, Uniswap price looks primed for another leg-up.
UNI/USDT 4-hour chart
While things are looking up for Uniswap price, a failure to hold above the weekly support level at $14.97 will indicate weakness among buyers.
If sellers take over, UNI could crash to the immediate support level at $13.88, where buyers will have another chance at a comeback. If Uniswap price produces a four-hour candlestick close below the aforementioned support, however, it will create a lower low, invalidating the bullish thesis.
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