Lorenzo Stroe
Independent Analyst
- Uniswap price is contained inside a descending parallel channel on the 4-hour chart.
- The digital asset is in a no-trade zone until a clear breakout or breakdown happens.
Uniswap has been trading sideways for the past two months between two key levels that define a descending parallel channel on the 4-hour chart. The digital asset awaits a clear breakout or breakdown.
Uniswap price could see a 30% move if this key level breaks
On the 4-hour chart, Uniswap has established a descending parallel channel which seems to favor the bulls as the current Uniswap price is $3.78, which is close to the upper trendline resistance of $4.
-637449475976769598.png)
UNI/USD 4-hour chart
A breakout above $4 can quickly drive Uniswap price towards $5.5. The In/Out of the Money Around Price (IOMAP) chart seems to give credence to this bullish outlook as it shows the most significant resistance area to be located between $3.89 and $4, but very little resistance above.
UNI IOMAP chart
However, the IOMAP chart also shows only one crucial support level at $3.6. A breakdown below this point would push Uniswap price down to the lower boundary of the descending parallel channel at $2.5.
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 (BTC) 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 Exchange Traded Funds (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.