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  • Uniswap price is still trading inside an ascending parallel channel which is part of a daily bull flag.
  • Considering the bullish momentum, a breakout seems more likely for UNI.
  • The IOMAP chart shows practically no barriers on the way up.

Uniswap price has been trading sideways for the past 24 hours inside a bull flag pattern on the daily chart. Most on-chain metrics are in favor of the bulls and indicate that a breakout could happen sooner than later.

Uniswap price needs to break $22.7 to see a massive 46% move towards $33

On the daily chart, Uniswap has established a bull flag and an ascending parallel channel. The upper resistance trendline is formed at $22.7 which is the key for a 46% breakout towards a new all-time high at $33.

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UNI/USD daily chart 

The In/Out of the Money Around Price (IOMAP) chart indicates that UNI bulls will encounter weak resistance on the way up above $20.7. The most significant resistance area is located between $21.1 and $21.3 with 1.23 million UNI in volume. 

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UNI IOMAP chart

However, the TD Sequential indicator has presented a sell signal on the weekly chart and a green ‘8’ candlestick on the 12-hour chart which will most likely turn into another sell signal as well.

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UNI Sell Signals

The validation of these two sell signals can drive Uniswap price towards the lower trendline of the ascending channel at $19.7. Losing this point would invalidate the bull flag and can push Uniswap price down to $17.6 according to the IOMAP model.