- Uniswap price is down 4% on the day.
- Uniswap maintains a 1212 pattern, which could prompt a rally toward the upper $7 zone.
- The uptrend depends on the previous swing low at $6.31 remaining intact.
Uniswap is struggling to breach the $7 resistance zone, but it is finding ascending support in the process. A breakout from the consolidation will likely define the trend for weeks to come.
Uniswap price has a decision to make
Uniswap price (UNI) has been under pressure with a 4% decline, but the daily low at $6.57 is higher than the previous sell-off that occurred on February 1st at $6.31. The ascending support throughout the week fits in with a bullish ramping 1212 pattern, which can be seen on several cryptocurrencies.
Uniswap price currently trades at $6.70 and is encountering the 21-day simple moving average for the third time since UNI's initial 35% swing in January. This puts UNI in a make or break situation next price movement could determine the future trend.
For the bulls to establish a rally, they will need to secure a pivot low not to exceed the previous one at $6.31. Targets lie near $7.50 and potentially the $7.75 zone if the bulls are successful. The target areas are extracted from November 7’s Liquidation event, the $7.70 region was a clear area for bears to place their safety stops during the selloff.
UNI/USDT 1-Day Chart
However, if the $6.31 level is breached, the 1212 pattern would be invalidated, and UNI could retrace to lower liquidity levels within the winter rally. Target prices as low as $5.20 could result in a 21% decline from the current UNI price.
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