<strong><em>UNI prices struggle to sustain above the 50-day SMA to create an inverted head and shoulder pattern teasing a breakout rally to reach $7. </em></strong>

<strong>Key technical points:</strong>
<ul>
 	<li>The UNI market price has decreased by 17% over the past week.</li>
 	<li>The price action shows an inverted head and shoulder pattern in the daily chart.</li>
 	<li>The 24-hour trading volume of Uniswap is $605 Million, indicating a rise of 22%.</li>
</ul>
<h2>Past Performance of UNI</h2>
<a href="https://coincodex.com/crypto/uniswap/">UNI price</a> action showcases a bullish reversal from $3.5 with a double bottom breakout resulting in a 60% price jump between June 19th and 25th. However, the reversal rally loses against the selling at $5.90, resulting in a dip to retest $4.50. Moreover, in doing so, the price action teases an inverted head and shoulder pattern forming in the daily chart.

<em>The inverse head and shoulders chart is thought to predict a bearish-to-bullish trend reversal and signals that a downward trend is nearing its end.</em>

<img src="https://s3.tradingview.com/snapshots/4/4WpfB0wp.png" alt="TradingView Chart" />

<strong>Source- </strong><a href="https://www.tradingview.com/x/4WpfB0wp/" target="_blank" rel="noopener">Tradingview</a>
<h2><span style="font-weight: normal">UNI Technical Analysis </span></h2>
The bearish retracement comes with a dip in the trading volume and halts at the 50-day SMA(red). If the UNI price sustains above $4.50 to rechallenge the $5.90 sellers, it will complete the bullish pattern and increase the likelihood of a prolonged uptrend continuation. The crucial SMAs – 50, 100, and 200-days marked as red, orange, and black maintain a  bearish alignment teasing a potential reversal. However, the market price surpassing the 50-day SMA displays a rise in underlying bullish sentiments.

The MACD and signal lines showcase an uptrend crossing above the zero line while struggling to maintain a positive alignment. Hence, the indicator showcases a bullish trend in motion but warns of a bearish crossover. The RSI indicator shows the slope retracing under the halfway line and the 14-day SMA. Hence, the indicators showcase weakness in buying pressure cutting points from the uptrend possibility. In a nutshell, the <a href="https://www.cryptoknowmics.com/news/uni-technical-analysis-increased-inflow-inflates-uniswap-market-price/">UNI</a> technical analysis shows a bullish reversal opportunity, but the decreasing buying pressure will sabotage the reversal pattern.
<h2><span style="font-weight: normal">Upcoming Trend</span></h2>
If UNI prices sustain above $4.50, the uptrend will continue, potentially breaking above the $5.90 neckline to reach the $7 mark.

<strong>Resistance Levels:</strong> $5.90 and $7

<strong>Support Levels:</strong> $4.5 and $4

UNI Technical Analysis: Uniswap Preps Bullish Pattern Breakout

UNI Technical Analysis shows prices struggling to sustain above the 50-day SMA to create an inverted head and shoulder pattern.

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

UNI Technical Analysis: Uniswap Preps Bullish Pattern Breakout

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