The Uniswap (UNI) price struggles to follow up on the $6.66 breakout resulting in a minor consolidation phase. Is it safe to hold now? Key Technical Points: The UNI prices dropped by 4.7% in the last 24 hours. The coin price wavering between the $7.5 and $6.65 level shows a no-trading zone. The 24-hour trading volume of Uniswap is $245.4 million, indicating a gain of 43.12%. Past Performance of UNI Amid uncertainty in the crypto market, the UNI/USDT pair formed an inverted head and shoulder pattern in the daily chart. On July 9th, altcoin gave a massive breakout from the $5.82 neckline, indicating early signs of a trend reversal. The post-retest rally surged 40% higher to the $7.5 mark. Source – Tradingview UNI Technical Analysis Following the $6.66 breakout, the UNI price trend lost bullish momentum, leading to a consolidation range between the $7.5 and $6.65 barriers. This small consolidation can be referred to as a short break for buyers before continuing the prevailing recovery. While the price action walks a lateral path, the daily-RSI slope plummets lower, indicating a loss of bullish momentum. Thus, if bearish divergence continues to sink lower, the altcoin is likely to breach $6.65 Moreover, the MACD indicator showcases a sell signal with the bearish crossover of the fast and slow line. Hence, the momentum indicators project a high possibility of a price correction before the coin price could continue the bull run. In ...
