Uniswap Price Up 14% Since Yesterday, UNI One of Few Green Coins Today
Uniswap is among the few cryptos that are in the green. As it approaches its $10 resistance will it make a breakout?
Key Takeaways
- UNI reached its annual peak, then fell 62%.
- The Uniswap token recovered 26% after hitting it Fibonacci level.
- There is a bullish divergence and also a potential reversal.
The cryptocurrency market has been trading sideways in the last few days, and this trend persists today, June 14. Despite low volatility, the price of Uniswap gained over 14% since June 13’s low of $9.70, coming to a high of $11.
As it approaches a significant descending resistance, will it break through or make a downturn?
UNI Price Analysis
UNI reached its annual peak of $17 on March 5, climbing from a low of $5.60 on January 24. This likely culminated a five-wave impulse that started from $3.80 on October 19 2023.
Following this peak, UNI‘s price fell by 62%, breaking below its established horizontal support to a new low of $6.50 on April 13. During this decline, the price momentarily dipped even lower, leaving a prominent wick on the daily chart. After that, however, it reverted to where the previous upward movement had begun.
Subsequently, after touching the 0.786 Fibonacci retracement level, UNI recovered by 26% to $8.30 by April 22. The daily chart’s Relative Strength Index (RSI) signaled oversold conditions, historically indicating a potential price bottom.
From April 13 onward, a bullish divergence was observed, with the price decreasing while the RSI increased, hinting at a possible price reversal. If April 13 did indeed mark the end of Uniswap ‘s correction phase, it could signal the beginning of a new, potentially stronger, upward trend.
We saw the formation of a three-wave advancement, which can also be a corrective increase before further downside movement. However, as a descending triangle formed, it could also be its corrective fourth wave out of the five-wave move.
The June 12 low could have completed this correction, although another descending move was anticipated. If the price bounces at $9 or breaks above the descending trendline, UNI will likely continue to a new high of $13.
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