UNI Technical Analysis: Increased Inflow Inflates Uniswap Market Price

UNI prices display a recovery rally starting with a double bottom breakout, ready to reclaim the $6 mark and continue the uptrend. Key technical points: The UNI market price has increased by 4.70% over the past 24 hours. The price action shows a recovery rally ready to surpass $6. The 24-hour trading volume of Uniswap is $154 Million, indicating a hike of 36%. Past Performance of UNI UNI price action shows a sell-off in May brought the market prices under the $5 mark to a low of $3.50. However, the double bottom breakout results in a bullish reversal rally recovering the $5 threshold and continuing to approach $6. Nonetheless, the bearish threat of reversal sustains as the recovery rally lacks the support of increased trading volume. Source- Tradingview UNI Technical Analysis UNI price grows by 4.85% today, forming a bullish engulfing candlestick breaching the $5.80 resistance level to reach $6. Hence, traders can find the candle closing above $6 as an entry spot to ride the breakout rally. The DMI indicator shows a gradual increase in bullish spread after the recent crossover. Moreover, the bullish trend momentum resurfaces as indicated by the ADX line preparing a positive turnaround. The RSI indicator shows a remarkable increase in the underlying bullishness as the slope spikes sustain the halfway line. Moreover, the 14-day SMA starts a bullish reversal in the nearly oversold zone teasing a trend reversal. After undermining ...