UNI price action shows an inverted head and shoulder pattern with a neckline at $5.90, teasing a breakout rally to reach $8. Key technical points: The UNI market price action shows an inverted head and shoulder pattern. The market price surpasses the 50-day SMA. The 24-hour trading volume of Uniswap is $104 Million, indicating a rise of 63%. Past Performance of UNI The retracement rally in UNI prices from the $5.90 mark takes bullish support at $4.5, resulting in an 8.7% jump yesterday. The bullish Reversal attempts to complete the inverted head and shoulder pattern with the neckline at $5.90. Additionally, the reversal rally surpasses the 50-day SMA increasing the likelihood of a bullish breakout. Source- Tradingview UNI Technical Analysis UNI price Actions showcased a fall in trading volume during the retracement phase, but the recent price jump comes with a boom in trading volume. Hence the traders can expect the breakout rally to reach the overhead resistance at the 100-day SMA at $6.75. The MACD indicator showcases the fast and slow lines sustaining about the zero line in maintaining a bullish trend. Moreover, the bullish trend in MACD histograms resurfaces, displaying a rise in buying pressure. The RSI indicator Showcases a rise in the underlying bullishness as the slope sustains about the halfway line and surpasses the 14-day SMA. Moreover, the bullish divergence in the RSI indicator is pretty evident, which increases t...
