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Cryptoknowmics 2022-10-06 12:42:45

UNI Technical Analysis: Inverted Head And Shoulder Hints At 17% Jump

The UNI Technical Analysis shows a bullish reversal rally giving an inverted head and shoulder breakout, unleashing the trapped momentum. The UNI price action breakout entry opportunity for sideline traders’ market price exceeds the 100-day EMA. Furthermore, the price action displays a bullish breakout of an inverted head and shoulder pattern in the daily chart. Therefore, the possibility of an uptrend in Uniswap prices increases drastically. Key Points: The Uniswap price action shows an uptrend breaking the $6.75 mark. The inverted head and shoulder breakout entry opportunity for sideline traders. The intraday trading volume in Uniswap is $122.175 million. Source – TradingView UNI Technical Analysis As we mentioned in our previous analysis, the UNI price action showcases the bullish breakout of the 100-day EMA, resulting in a jump above the $6.75 mark. Furthermore, the price action analysis displays a bullish breakout of an inverted pattern with a neckline coinciding at $6.75. The price action shows a 32% jump in the last two weeks, leading to a bullish turnaround in the 50 and 100-day EMA. Therefore, the uptrend increases the likelihood of a bullish crossover in the 50 and 100-day EMA. The higher price rejection in the present daily candle projects a high possibility of a retracement to retest the $6.75 mark. Therefore, the sideline traders can find a retest entry opportunity at $6.75. If the buying pressure sustains, the Un...

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