Lorenzo Stroe
Independent Analyst
- Uniswap price had a violent sell-off from $21 down to $16.8 in a matter of hours.
- UNI bulls bought the entire dip, pushing the digital asset above $20 again.
- Uniswap price remains contained inside an ascending parallel channel on the 12-hour chart.
Uniswap price was trading around $21 before a massive sell-off that happened within two hours and pushed the digital asset down to $16.84. Bulls managed to buy most of the dip within the next 12 hours.
Uniswap price is poised for a massive breakout
Uniswap has formed an ascending parallel channel on the 12-hour chart and defended the lower support trendline despite a massive sell-off. Bulls now aim for a rebound towards the upper boundary of the pattern at $24.
UNI/USD 12-hour chart
The most crucial resistance level is the upper trendline at $24. A breakout above this point can quickly drive Uniswap price towards $28. This price target is determined by using the height of the pattern as a reference point.
On the other hand, losing the key support level of $20 which coincides with the 26-EMA on the 12-hour chart, would have the same price target of $16.8 that the bears managed to hit on the sell-off. The only difference would be if Uniswap price closes there, which would give way to a bearish scenario.
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