Uniswap is the name synonymous with the Automated Market Maker and is a Defi trading protocol. UNI is the native token which is currently down by more than 3% while the global volume has plummeted even more by around 31%. The bulls bought the dip and pushed the price back into the range on November 10. The rally is facing strong resistance at the moving averages, which is suggesting selling at higher levels. The bears might try another move and sustain the price below the range, but the bulls are likely to defend the support aggressively.
At the time of writing, UNI was trading at $5.95
UNI after making the previous bottom of $3.33 (on 19th June) witnessed a sharp rally and the prices almost surged 195% and made a high of $9.83. The asset faced stiff resistance at $10 (Horizontal Trendline) and started moving down. Technically, on a daily time frame, UNI is forming a ‘Symmetrical Triangle’ pattern where the upturned line acts as support whereas the downsloping line acts as resistance. Breakouts on either side with good volumes will further decide the trend for the asset.
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