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Despite being in a downtrend on the weekly time frame, Uniswap UNI has started an uptrend on the daily chart. Currently, UNI is attempting to hold support at the close of the previous daily candles which formed a notable resistance. The bulls will be in good shape if we hold this as the UNI price support line.
In addition, UNI is approaching the crux of a massive descending wedge, lots of traders are likely going to be looking for entries if we break bullish from it, especially if we can hold the 5.63 level which marks the previous resistance.
On the 4-hour chart, we can see the EMA lines are fanning out with the lower EMA’s above all of their respective higher ones. This is a sign of a strong uptrend and provides more hope that UNI will see upside price momentum over the coming days.
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