Uniswap Price Prediction: UNI bulls buy the dip and aim for $28 if this key level breaks

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.

Share: Cryptos feed

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.