Uniswap (UNI) Technical Analysis

Uniswap (UNI) reached above the neckline of an inverted head-and-shoulders pattern on October 20, but the bulls failed to continue. The bears pulled the price below the neckline on Oct. However, a small positive sign is that the bulls are not allowing the price to drop below $25.46. This shows that buyers are saving on every small dip. If the bulls can push the price above $28, the UNI price could rally to $31.41. At these levels, the bears could form a stiff resistance, but if the bulls clear this hurdle, the UNI price could rise to the formation target at $36.98. Conversely, a break below the MAs could push the price towards the strong support at $22. If this support is broken, the short-term trend will turn negative.