Uniswap [UNI]: Upside move to continue till $19 before reversal

Several DeFi tokens have posted recovery after bears loosened their grip. Uniswap’s [UNI] price also rallied mildly after the back-to-back pullbacks earlier this week that unleashed an impulsive wave stalling the rangebound trend. The volatility in the market seems to have picked up which exhibited an optimistic outlook after weeks of trading sideways.

Uniswap [UNI] was up by 5.62% over the past 24-hours which drove the price to $15.74. At the time of writing, the digital asset recorded a market cap of $9.22 billion and a 24-hour trading volume of $380.4 million.

Uniswap [UNI] Daily Price Chart:

UNI price candles formed a descending triangle pattern in the daily time frame. This would mean that the digital asset price could potentially aim to surge towards the downward sloping trendline and fall below the horizontal trendline, thereby demonstrating a bearish breakout

The moving averages also depicted a bearish view. The candles resumed downtrend following the death cross by the 50 DMA [Pink] and the 200 DMA [Yellow] in the last week of June. The 100 DMA [Blue] was inching closer to the 200 DMA for a bearish breakout which could further push the coin down to test damaging lows.

The volume was moderate as UNI attempted to climb higher.

Uniswap eyes short-term gains

The small red closing bars of Awesome Oscillator [AO] depicted a weakening bearish pressure in the market. The Chaikin Money Flow [CMF] also noted a minor uptick indicating inflow of capital into the coin market. Similarly, the RSI too bounced from the oversold territory as buying pressure slightly made a headway.

The moving averages continued to resist any notable upward price movement as they acted as resistance at points $20.26, $24.4, and $27.07. Unsiwap is short-term bullish as the price is expected to climb to $19-level before the selling pressure overpowers and resumes a downtrend. In this case, the DeFi token could test support levels of $7.55 and $3.38 respectively.