Uniswap price analysis: Hidden bullish pattern well propelled the UNI price towards the volatility zone

Uniswap investors celebrate bullish after noticing a double bottom formation near the daily price chart.
The UNI token price is impacting the leading Span B of the Ichimoku indicator in terms of the daily price scale.
Last night speculators became part of the highest volatile trading sessions of the past 13 days.

The Uniswap token has performed well over the past 10 days as its price action continues to form higher-highs and higher-lows on shorter time frames such as daily and below.

Amid the bullish rally, there is no selling opportunity for the bears from the $5.8 to $6.2 resistance area, which has stood for over a month and has been retested several times. Although the bears are still present in the bull market, the bulls also do not want to lose their hold on the UNI token.

Meanwhile, the UNI token gained around 70% after noticing a double bottom formation near the daily price chart. Price action near the bottom level is showing a hedge zone for the bulls.

Meanwhile, at the time of writing, the Uniswap token was trading at the $5.5 mark. According to data from CMC, the market cap of the UNI token crossed $4 billion today, with buyers increasing by about 14.4% over the past 24 hours.

Similar to the USDT pair, the Uniswap token belonging to the bitcoin pair is trading up 11% in the green zone, at 0.0002659 Satoshis. Amid the bull run, last night speculators became part of the highest volatile trading session of the past 13 days with trading volume reaching $296 million compared to the previous night.

A More bullish rally may occur above recent resistance zone

During the rally, the UNI token price was near the key span B of the Ichimoku indicator in terms of the daily price scale. Above this bullish barrier, there is a clear path for the bulls to move higher.

Besides, the Stoch RSI and normal RSI are moving towards the overbought zone.

conclusion

Bulls have an excellent opportunity to dominate the Uniswap token price if they break the leading Span B of the Ichimoku indicator as soon as possible.

Support level – $3.3 and $3.0

Resistance level – $6.0 and $10

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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