CandleFocus Uniswap price is poised for a rally if it breaks above the ascending triangle pattern
2024-09-12
Author: Content Editor
The price of Uniswap (UNI) is trading within an ascending triangle pattern, indicating a potential rally ahead. This bullish outlook is supported by on-chain data showing a negative Exchange Flow Balance and decreasing exchange supply, suggesting increased buying activity and investor confidence in Uniswap. The target for the breakout is $9.38, with a potential slowdown at the daily resistance level of $8.19. The Relative Strength Index (RSI) and Awesome Oscillator (AO) indicators also suggest a lack of resistance. However, if UNI breaks the upward trendline and closes below $5.54, the outlook would become bearish, potentially leading to a 16% drop to $4.70.
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