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.

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.