UNI Technical Analysis: Will Uniswap Fail To Sustain Breakout Rally?

The UNI market price crashed 15% after facing rejection from the 100-day SMA bringing the market value closer to the 50-day SMA. Key technical points: UNI prices have decreased by 0.64% in the last 24 hours. The price action shows the inverted head and shoulder breakout rally failing to surpass the 100-day SMA. The 24-hour trading volume of Uniswap is $215 Million, indicating a rise of 10%. Past Performance of UNI The UNI price shows a bullish breakout of the inverted head and shoulder pattern, as we mentioned in a previous article. However, the breakout rally struggles to surpass the 100-day SMA resulting in an evening star pattern accounting for a drop of 12% within two days. Nonetheless, the buyers quickly avoid losses below the $5.50 level leading to a Doji candle formation. Source- Tradingview UNI Technical Analysis The UNI prices retest the bearish breakout of the 5.90 horizontal level and show higher price rejection in the Doji candle. Furthermore, the increase in the intraday trading volume during the evening star formation displays a phenomenal rise in selling pressure. Hence the likelihood of a bullish continuation diminishes. The market price trades between the 50 and 100-day SMA, but the increase in selling pressure teases a bearish breakout of the 50-day SMA. The MACD indicator shows the fast and slow lines struggling to sustain an uptrend in the positive territory, evidenced by the decrease in bullish spread. Thi...