#Uniswap Solid in a Bullish Uptrend, UNI May Retest $7.8Past Performance of Uniswap
Uniswap is solid and bullish at spot rates. Although the crypto market is turning higher, UNI is mainly in a consolidation. The rejection of bears of early November and the steady higher highs relative to the lower BB is massive for optimistic buyers. In the short term, the primary support lies at H2 2022 lows at around $5. On the other end, resistance is at $7.8 and $9.6.
#Uniswap Technical Analysis
Despite the dump in crypto prices, Uniswap remains within a bullish formation, looking at the performance in the daily chart. UNI has support at around $5, flashing with the 78.6 percent Fibonacci retracement level of the June to August 2022 trade range. Presently, the revival of BTC could lift UNI from spot rates. Therefore, as long as UNI is above $5 and $5.78, traders can buy the dips targeting November high at $7.8. However, there can be a clearer entry above $6.5 or December high. A high volume close above the current consolidation and this liquidation level may fast-track the surge to November high and $9.5 or August high.
What to Expect from #UNI?
Uniswap prices may be turning the corner as market conditions improve. Traders expect more gains in the days ahead. This outlook will remain valid as long as UNI is above $5.7 and above the recent consolidation.
Resistance level to watch out for: $7.8
Support level to watch out for: $5.7
Disclaimer: Opinions expressed are not investment advice. Do your research.
