- Uniswap price is bounded inside a diamond top pattern on the 12-hour chart.
- Although UNI could be on the verge of a bearish reversal, the bullish outlook cannot be overlooked.
UNI is trading at $3.72 at the time of writing and it is contained inside a diamond top pattern on the 12-hour chart, a bearish indicator that usually shows the beginning of a reversal. However, given the current DeFi bullish momentum, it is entirely possible for Uniswap price to breakout.
Uniswap price faces two key levels before a breakdown or breakout
UNI is trading inside a diamond top pattern on the 12-hour chart, and it is on the verge of a breakout or breakdown. The lower trendline is established at $3.55, which means that a breakdown below this level would quickly push Uniswap price towards $2.5, a 30% move.
UNI/USD 12-hour chart
This seems to coincide with what the In/Out of the Money Around Price (IOMAP) chart shows, a substantial support area between $3.4 and $3.52 but almost nothing below these levels.
UNI IOMAP chart
On the other hand, the most significant resistance range is located between $3.73 and $3.84, where 7,240 addresses purchased 20.88 million UNI tokens. This area also coincides with the upper trendline of the diamond pattern. A breakout above this point would drive Uniswap price towards a price target of $4.8.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.