DEXWireNews

Could Uniswap ($UNI) Resume its Bullish Streak?

Short
COINBASE:UNIUSD   Uniswap

The UNI chart closely mirrors that of BTC due to their high correlation. UNI is currently hovering near the support zone of $5.50–$5.71, which it has been testing for the fourth time in the past month. This consistency from sellers might lead to a breakthrough of this level.

However, if Bitcoin steadies, UNI could resume its upward trajectory. For this to happen, buyers need to overcome the resistance at $6.02 and establish a foothold above the sell zone of $6.32–$6.64. Such a turn of events would pave the way to new highs and a movement toward the $6.98 and $7.16–$7.5 range.

Should BTC continue its downward correction, UNI might drop to a new local low within the $5.00–$5.25 range.

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