- Uniswap price trades back into the trend channel after the US Fed minutes.
- UNI still flirts with the lower border as bulls await more clear market moves.
- Expect to see $7.82 to be tested going into next week.
Uniswap (UNI) price saw bulls falling out of the boat as price action started dropping further below the ascending trend channel marked up on the charts. Bulls returned near the end of the US trading session though and kept their act together. The dust needs to settle first with the publication of the Fed minutes before bulls can advance and take out $7.82 to the upside.
Uniswap price sees bulls awaiting better conditions
Uniswap price is entering a period of more moderate and smaller daily moves, and markets are awaiting a better and clearer path forward. On the one hand, economic data points to inflation remaining stubbornly high. On the other hand, the Fed minutes keep speaking of a disinflationary year where all inflation levels will come down toward a more normal level.
UNI sees traders awaiting more confirmation on which scenario looks to be the right one to materialize shortly. Traders must not forget that these rate hikes take a bit of time to start affecting the public and the data points. Once that becomes clear, expect UNI to pop higher with $7.82, ready for a breakout with $8 as the ideal take-profit level.
UNI/USD daily chart
Risk to the downside comes with bulls exiting Uniswap price, which would mean a break lower toward $6.50 with the monthly pivot, the 55-day and the 200-day Simple Moving Average (SMA) all very close to one another. The Relative Strength Index suggests more room for a drop with $6 as support near the green ascending trend line.
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