By Nathan Ferguson
Uniswap (UNI) price actions print a bullish setup on the daily chart, contemplating an upward breakout soon. For that reason, traders can remain attentive and patient while waiting for an entry opportunity. The bullish runs from the anticipated upward move can see UNI surging towards $27.
Vital Technical Levels
- The altcoin indicates a potential golden cross on its four-hour chart.
- UNI’s intraday trading volume hovers at $325 million, suggesting a 30% drop.
Uniswap saw a bullish turnaround after 15 December sessions had UNI securing support around the $14 level. However, the reversal could not overcome the resistance area at $20, and the alt slid back towards $16.
Nevertheless, Uniswap price movements display a massive bullish setup than can see the altcoin surging over 60%. Overcoming the descending formation on the daily price chart will release UNI’s trapped bullish momentum, driving the coin higher towards $27.
According to the crucial Exponential Moving Averages, UNI has its price reactions beyond 50- and 200-EMAs on the 4hr chart. Furthermore, the MAs tease a possible golden crossover. The RSI noted a prompt retrieval from the 50-level. Also, the slope suggests bullish divergence on the daily chart.
UNI Struggles at $20 Resistance
Uniswap token approaches the resistance level at $20. UNI will see reversals towards its support floor if the crypto fails to climb past the supply territory at the confluence. Nevertheless, the alternative coin appears ready to release the trapped bullish power, and it might conquer the resistance trend-line with less hassle.
The price movement shows UNI’s overhead resistance at $22.5, then $27. On the other case, Uniswap has its support floors at $16, then $13. Market participants can wait to see what happens after the bullish strength release.
Furthermore, the emerging bullish sentiment across the crypto space will bolster Uniswap’s upward actions. Most crypto assets appear to surge as we are 24 hours away from 2022. While writing this blog, Bitcoin traded with bullish motives at $48,109. Crypto analysts predict new ATHs for most assets in the cryptocurrency world in the upcoming year.
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