This Chart Pattern could Decide if Uniswap Price will Rally 30% or Tumble 20%

UNI Price Prediction: With broader market sentiment struggling in uncertainty, the Uniswap coin price is resonating within two converging trendlines, revealing the formation of a symmetrical triangle pattern. Currently, this pattern can be considered a neutral pattern whose breakout will determine the future trend of UNI price. Here’s how you may profit from trading this pattern.

Key Points:

• The area within the triangle pattern has been squeezed to be marked as no trading zone.
• Interested traders must for a breakout opportunity to get a clear picture of upcoming movement.
• The 24-hour trading volume in the Uniswap token is $67 Million, indicating a 6% gain.

Source-Tradingview

The Uniswap price has been in a sideway trend for the past eight months wobbling between the buying climax at $7.8 and the selling climax at $4.9-$.4.7. However, within this confined range, the UNI price action gets more squeezed within two converging trendlines of the symmetrical triangle pattern. 

The coin price rebounded thrice from the upper trendline thrice and lower resistance twice indicating the traders are respecting this pattern’s setup. As of now, the UNI/USDT pair trades at the $5.9 mark, with an intraday loss of 1.4%, and the prices are moving towards the lower support trendline.

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Thus, a potential breakdown below the lower trendline with the daily candle closing below will increase the selling pressure and tumble the coin price 20% to hit the $4.7 support.

On a contrary note, a breakout from the overhead trendline will release the trapped bullish momentum and drive the UNI price 30% up to reach the $7.8 mark

Technical indicator

EMAs: the flattish EMAs(20, 50, 100, and 200) accentuate an overall sideways trend.

RSI indicator: despite a lower high peak price action, the daily RSI slope moving sideways indicates growth in underlying bullish momentum and a higher possibility for the triangle’s upside breakout.

Uniswap Intraday Price Levels

• Spot price: $6.22
• Trend: bullish
• Volatility: High
• Resistance levels- $7, $8
• Support levels- $5.66 and $5.2