<strong><em>The UNI market price crashed 15% after facing rejection from the 100-day SMA bringing the market value closer to the 50-day SMA.</em></strong>

<strong>Key technical points: </strong>
<ul>
 	<li>UNI prices have decreased by 0.64% in the last 24 hours.</li>
 	<li>The price action shows the inverted head and shoulder breakout rally failing to surpass the 100-day SMA.</li>
 	<li>The 24-hour trading volume of Uniswap is $215 Million, indicating a rise of 10%.</li>
</ul>
<h2>Past Performance of UNI</h2>
The UNI price shows a bullish breakout of the inverted head and shoulder pattern, as we mentioned in a <a href="https://www.cryptoknowmics.com/news/uni-technical-analysis-bullish-pattern-restarts-uptrend-in-uniswap">previous article</a>. However, the breakout rally struggles to surpass the 100-day SMA resulting in an evening star pattern accounting for a drop of 12% within two days. Nonetheless, the buyers quickly avoid losses below the $5.50 level leading to a Doji candle formation.

<img src="https://s3.tradingview.com/snapshots/7/7rar7jhK.png" alt="TradingView Chart" />

<strong>Source- </strong><a href="https://www.tradingview.com/x/7rar7jhK/" target="_blank" rel="noopener">Tradingview</a>
<h2><span style="font-weight: normal">UNI Technical Analysis </span></h2>
The UNI prices retest the bearish breakout of the 5.90 horizontal level and show higher price rejection in the Doji candle. Furthermore, the increase in the intraday trading volume during the evening star formation displays a phenomenal rise in selling pressure. Hence the likelihood of a bullish continuation diminishes.

The market price trades between the 50 and 100-day SMA, but the increase in selling pressure teases a bearish breakout of the 50-day SMA.

The MACD indicator shows the fast and slow lines struggling to sustain an uptrend in the positive territory, evidenced by the decrease in bullish spread. This warns of a bearish crossover between the fast and slow lines and starts a negative trend below the zero line.

The RSI indicator shows a significant drop in the underlying bullishness as it drops from the overbought boundary below the 14 days average line. Hence the indicator sides with the bearish team and supports the idea of a downfall below the 50-day SMA.

In a nutshell, UNI technical analysis shows a sudden increase in the selling pressure, which undermines the inverted head and shoulder break out.
<h2><span style="font-weight: normal">Upcoming Trend</span></h2>
If the selling pressure continues to grow throughout the week, a downfall below the 50-day SMA will cross the $4.57 support level. UNI traders can expect the downfall rally to touch the bottom support at the $3.57 mark in the upcoming months if the buyers fail to hold the 50-day SMA.

Conversely, a bullish reversal above the $5.90 resistance level might cross the 100-day SMA to test the overhead resistance at $6.75.

<strong>Resistance Levels:</strong> $5.90 and $6.75

<strong>Support Levels:</strong> $5 and $4.57

UNI Technical Analysis: Will Uniswap Fail To Sustain Breakout Rally?

UNI Technical Analysis shows that the UNI market price crashed 15% after facing rejection from the 100-day SMA bringing the market closer to the 50-day SMA.

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: Will Uniswap Fail To Sustain Breakout Rally?

Top Picks