- UNI has multiple reversal charts forming, which indicate a possible bullish breakout.
- Investor confidence is evident by the high value of transactions and the fact that most holders are in profit.
Uniswap [UNI] It is looking good and could aim higher than the resistance of $10. The altcoin’s performance has improved after weeks of poor performances. It could be staging a breakthrough.
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Recently, price moves have shown a rise from lower levels. The MA50 recently crossed above the MA200 (Red Line), which is typically a bullish signal known as a ‘Golden Cross.’
The shorter-term movement is now more positive than the long-term. The EMA has fallen below the MA50 to reinforce the recent short-term bullish reversal.
The RSI of 52.68 indicates that Uniswap has not yet reached overbought or oversold status, allowing for movement to either side without the immediate pressures from traders who are looking to buy a oversold asset or sell an overbought one.
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UNI to break out?
The UNI/USDt charts shows multiple inverse Head and Shoulder patterns. These patterns can be considered as bullish setups. Once the patterns are completed, a bullish trend is always triggered.
However, the patterns’ effectiveness in predicting upward movement depends on their confirmation—namely, that decisive breakout above the neckline (indicated by the dashed lines) with significant volume.
At several chart points, the MACD (blue line) crosses above the signal (orange line). The MACD crossover signal is usually a buy in the context of MACD analyses. Typically, it’s followed by a bullish takeover.
A double-bottom chart pattern signals an important turning point, whereby the purchasing interest becomes strong enough to stop the price from falling further and start a new bullish trend.
Net inflows also show a sharp increase, suggesting a rapid movement of tokens to exchanges.
Coinglass
Is your portfolio green? Have you checked out your portfolio? UNI Profit Calculator
A small majority (51% of Uniswap owners) are in profit currently at the current price level. This may be a psychological motivation to hang onto their investment, in anticipation of price increases.
Source: IntoTheBlock
The huge transaction value also shows that larger institutions as well as investors are very interested in UNI, and this could lead to further price increases.
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Source: ambcrypto.com
