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Technical Analysis for UNIUSD for 3rd February 2023

Uniswap in a Rising Wedge, Support at December 2022 Highs at $6.5

Past Performance of UNI

Uniswap prices may be wavy, moving in a mix of up and down bears, but the uptrend is clear. Buyers are in control, trading above December 2022 highs of around $6.5. In the days ahead, traders should track how prices react at support, the $6.5, and the middle BB, the 20-day moving average. Sharp gains above yesterday's highs at $7.5 will see UNI climb above November 2022 highs, reversing losses.

Uniswap Technical Analysis

The path of least resistance is northwards for UNI. Though prices are wavy with bear and bullish bars in the mix, it is until the coin breaks above $7.5 that conservative traders can accumulate. For now, prices are inside a rising wedge, supporting optimistic bulls. Aggressive traders can buy the dips as long as the coin trades above $6.5, targeting $7.5, and later $9.5, if buyers step up in a bullish continuation formation. If not, losses below $6.5 may see the token drop to $6 and $5.5 in an inevitable correction.

What to Expect from UNI

Buyers could be firm, but the uptrend will be more solid should a convincing, high volume close above the rising wedge. In that case, UNI may rally to $9.5 as buyers double down.

Resistance level to watch: $7.5

Support level to watch: $6.5

Disclaimer: Opinions expressed are not investment advice. Do your research.

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