Uniswap has been forming a series of higher highs and higher lows, indicating a possible trend reversal.
Both moving averages have an upward slope, and the RSI is in positive territory, indicating that buyers have the advantage. There is resistance at $8.64, but a close above this mark opens the door for a rally up to $10.36. Sellers will attempt to halt the rally at $10.36, but if buyers do not allow the price to drop below $8.64 on the pullback, the UNI/USDT pair could shoot up to $13.
This bullish outlook will be invalidated in the short term if the price drops and falls below the 50-day simple moving average (SMA) (USD 7).
The pair has surpassed the $8.64 resistance, indicating that it continues its upward trend. If the price stays above $8.64, the pair could reach $10.
Sellers are likely to have other plans. They will try to push the price below the breakout level of $8.64. If they succeed, the pair could fall to the 20-day EMA. A strong bounce from the 20-day EMA indicates buying on dips. Bulls will then try to resume the upward trend.
The selling could accelerate if the price drops and breaks below the 20-day exponential moving average (EMA). This could sink the pair down to the 50-day simple moving average (SMA).