#Uniswap is Bullish, Holding Above Critical Support at $5Past Performance of Uniswap
Uniswap is technically bullish, reading from the performance in the daily chart. However, UNI remains under pressure, tightly oscillating around primary support coinciding with the 78.6 percent Fibonacci retracement level of the H2 2022 trade range.
#Uniswap Technical Analysis
Uniswap has primary support at $5, under pressure in the short term, and aligning with bears of early November 2022. As it is, every high below $5.4 and $6.5 presents liquidation opportunities for sellers targeting $5 or worse. This preview is valid because UNI prices are still within the bearish engulfing bars of November 8 and 9. Besides, since then, trading volumes have been lighter, pointing to apprehensive traders waiting for a clear trend definition. A breakout below $5, confirming losses of early November, may see UNI drop to $4.5 and $3.5 in a bearish continuation formation.
What to Expect from #UNI?
The path of least resistance is southwards, despite the rejection of lower prices in the better part of Q3 and 4 2022. As long as prices are above $5, Uniswap may recover, reversing the steep losses of this year.
Resistance level to watch out for: $5.4
Support level to watch out for: $5
Disclaimer: Opinions expressed are not investment advice. Do your research.