Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• The trendline support was respected and validated. 
• Open Interest rates surged; short positions discouraged.

Uniswap [UNI] has maintained its recovery despite the recent muted Bitcoin [BTC] price performance. The native DEX altcoin has rallied over 60% from a mid-June low of $3.8 to over $6.0 at the time of writing. But the price action inched closer to its Q2 2023 price ceiling of $6.5. 

Is your portfolio green? Check out the UNI Profit Calculator 

The DEX platform recently received financial backing to improve its v4 protocol to remain dominant. 

Will the trendline support hold?

So far, the trendline support has been respected and validated. It has acted as a crucial support since mid-June. The retest of the confluence of the trendline support and the bullish order block of $5.68 – $5.98 (cyan) offered buying opportunities, with a target of $6.45. 

Although a successful retest of $6.5 could offer over 10% gains, the target ($6.5) is a crucial resistance level and Q2 price ceiling. 

Given the weak BTC, <29.5k, a price rejection at the price ceiling could set UNI to head to the trendline support again. The trendline support could be a bid level for late bulls again. Above the

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Author: Benjamin Njiri

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