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13/06/24
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Technical Outlook on the Performance of Uniswap (UNI)
The chart of UNI/USD shows that the activities of the bears prompted the formation of a base at price levels above $8.75 prior to the bulls initiating a new move to the upside. The bulls provided momentum, pushing UNI past two barrier levels, including $9.2 and $9.5.
They pushed UNI clearly past the barrier area at $10. It was able to reach levels as high as $10.32 prior to the bears initiating a move to the downside. UNI fell beneath $10, as well as below the 23.6% Fibonacci correction level of the upswing from $8.72 swing low to $10.32 high.
A look at its 1-hour chart shows that its current performance remains above $9.5, as well as above the 100 SMA. The next barrier level is close to $10, while the immediate key barrier level is close to $10.2. The same chart shows the formation of a key declining trend line with a barrier level close to $10.15.
The bulls may be able to pave the way for more upside moves over the coming few sessions if UNI closes past $10.2. The immediate key barrier level may be encountered close to $10.65 and a move above it is likely to influence the bulls to focus on initiating a visit to $11.5. If there are any additional gains, they may be able to push UNI to $12.
On the other hand, the failure of the bulls to push UNI past $10 or $10.2 could empower the bears to bring about a slow move to the downside. The initial key support level is close to $9.5 or the 50% Fibonacci correction level of the upswing from $8.72 swing low to $10.32 high.
The immediate key support is close to $9.35. If UNI breaks beneath the support level at $9.35, the bears may be able to pave the way for a move toward $9.
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