Uniswap price rallies on Friday as UNI bulls could still make it to $5.70 for a turnaround
|- Uniswap price is printing a positive Friday that originated in the ASIA PAC session.
- UNI still has a long way to go to get a weekly gain.
- Expect a pop higher as US job reports are an opportunity in disguise.
Uniswap (UNI) price rallied higher this Friday after the US jobs report triggered a knee-jerk reaction with a brief break lower. Expect to see a strong situation with UNI rallying substantially higher as traders buy risk assets across the board. Although chances are slim, UNI bulls could close out the week flat and erase all losses from the beginning of this week.
Uniswap price produces positive bullish move
Uniswap price popped in the aftermath of the US jobs numbers after the initial move was a leg lower on the back of a strong release. Looking further under the hood, another picture is painted as the jobs added are part-time jobs while full-time jobs have turned negative. This means that more people have been laid off from their full-time jobs than were added. The jobs number might beat expectations, but it is only a part-time boost.
UNI followed the synchronized global move with that move lower only to recover in full and head higher once the dust started to settle. Expect now to see $5.40 to come under pressure. Once that is broken, UNI bulls can rally all the way up to $5.70 in the US session this Friday and go for an unchanged weekly performance as all losses since Monday will get erased..
UNI/USD 4H-chart
A bigger threat would come from another turnaround in the markets, should the focus shift back to the big jobs number. Expect a sudden breakdown lower toward $5.20. Should risk assets in general start to roll over, more decline is in the cards. To the downside, that means $4.95 after $5 gets broken.
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