WEEKLY NOTION: Uniswap Price Prediction: UNI bears take a breather, not out the woods yet

30 Nov 2020, 11:00 · Views 248

Uniswap (UNI/USD) turns positive for the first time in five trading sessions this Saturday.

The No. 30 coin attempts a bounce from two-week lows of $3.11, as the bears take a breather before the next push lower.

At the press time, the price trades around $3.35, adding 2.50% over the 24 hours while on track for a 10% weekly loss.

UNI/USD 12-hour chart

As observed in the 12-hour (12H) chart, Uniswap has confirmed a classic rising wedge breakdown on Wednesday and since then it has been in a bearish consolidation phase.

The horizontal 100-simple moving average (SMA) at $3.10 has saved the day for the UNI bulls, for now, as the bearish Relative Strength Index (RSI) has recovered from the troughs and turned flat, currently at 45.83.

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