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

• The 4-chart was bearish at press time.
• Funding rates were positive; more liquidations of long positions.

Since dropping to a key demand zone on 21 April, Uniswap [UNI] hasn’t inflicted a strong rebound. Recent recovery attempts faced resistance at an obstacle near $5.57 – $5.66 (white zone). 

After that, UNI retested the demand zone, and a move up would chalk a double bottom pattern – a bullish formation with potential gains if the recovery is sustainable. 

Is your portfolio green? Check UNI Profit Calculator 

Conversely, UNI’s recovery could be undermined if Bitcoin [BTC] corrects sharply after the FOMC announcement on 3 May. 

However, if BTC maintains the $28k and surges in the next few hours/days, UNI could inflict a strong recovery. 

Recovery stalled; can bulls rise again?

UNI’s drop on 21 April left an imbalance and FVG (fair value gap) at $5.57 – $5.66 (white zone). UNI’s recovery attempts faced rejection at the above zone, prompting price action to retest the key demand zone of $5.228 – $5.507 (cyan). 

The demand zone is also a bullish order block on the daily timeframe. If UNI recovers and retests FVG, the price action will form a double-bottom pattern with the FVG as the neckline resistance level. 

Hence, a  confirmed uptrend continuation and a close above the FVG $5.67 could set the UNI to rally to

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Author: Suzuki Shillsalot

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