- Uniswap price retests the high of the trading range at $ 30.04 and is working on a breakout.
- Failure to break the aforementioned barrier could result in a 15% correction to $ 25.47.
- Breaking the $ 31.77 resistance level would invalidate the downtrend and trigger an uptrend.
The Uniswap price is battling the high of the trading range and is likely to encounter resistance given the general structure of the cryptocurrency market. Despite the recent boom, investors should be wary of fakeouts.
Uniswap course is waiting for another rush of buyers
The Uniswap price rose to a high of $ 30.04 on August 10 and has been working to break it for about four days.
While Bitcoin price is showing signs of a bull market, it could be a bogus rise that could tempt investors to sit on their long positions while market makers push the big cryptocurrency down. This move could also bring down the already depleted altcoins.
The Uniswap course is also perfect for a small pullback in support at $ 26.87. If pressure to sell continues, UNI could fall to $ 25.47 and in some cases as low as $ 23.15.
As long as the uniswap price remains above the 50% fibonacci retracement level at $ 21.50, the uptrend is not up for grabs.
As a result, market participants can expect a reversal above $ 21.50 once the sideline buyers buy UNI at a discount during retracement, initiating a new rally.
UNI / USDT 12-hour chart
While the retracement narrative seems plausible, the correction thesis will be invalidated if the Uniswap price creates a close that closes above $ 31.77. This move would beat the high of the trading range at $ 30.04 and create a new swing high, suggesting that the bulls are not finished yet.
If so, investors can expect UNI to continue its climb and retest the next major resistance level at $ 36.56.