- Uniswap price confirmed a 45% bull rally when it broke out of a symmetrical triangle pattern on March 1.
- Transactional data shows that $ 25.30 is proving to be a formidable supply barrier to violations.
- A decisive closing price above this level will confirm the upswing to continue to USD 33.9.
The Uniswap price snakes around a stiff resistance level after a symmetrical triangle consolidation erupts. Hence, UNI’s four-hour candle holder, which is $ 25.3 relative to the supply barrier, will cause the DeFi token to fail.
Uniswap price at a crossroads
Uniswap price movements since February 20th resulted in a symmetrical triangle pattern. During such a period of consolidation, the asset tends to make a series of lower highs and higher lows as the price is pushed within converging trend lines. Such a move is the result of aggressive buyers and sellers trying to take control of altcoin. In the case of UNI, the price broke above the upper trend line and confirmed the bullish outlook.
Now UNI could gain 45%, which is determined by measuring the distance between the pivot high and the pivot low and adding it to the breakout point at $ 23.04. With that in mind, the Uniswap price is $ 33.9.
Despite the recent correction due to the lack of upward momentum, the outlook for UNI is optimistic given the continued buy signals from the SuperTrend indicator. Additionally, the presence of 50 and 100 four-hour moving averages (MA) below current price levels suggests that short-term selling pressures are becoming unusable.
UNI / USDT 4-hour chart
According to the IOMAP (IntotheBlock In / Out of the Money Around Price) model, nearly 5,000 addresses have bought 17.6 million UNI at an average price of $ 25.30, making it a crucial level. Hence, UNI bulls will have to hit this level again to continue the rally to $ 33.9.
Uniswap IOMAP chart
However, investors should note that a 4-hour candlestick below the supply line of $ 25.30 signals a downtrend. In such a case, the Uniswap price could drop by 15%, which would invalidate the buy signal of the SuperTrend indicator and invalidate UNI’s bullish thesis.
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