Uniswap (UNI) – Exhibiting a bullish appetite for the coming sessions

Uniswap (UNI) – Exhibiting a bullish appetite for the coming sessions

Posted on Tuesday, October 4 2022 at 8:52 pm GMT+0000

Uniswap (UNI) stepped on the ascending trendline stretched from the September 21st bottom and shot aggressively higher over the last couple of sessions, to introduce a fresh bullish upgrade to the short-term outlook.

The positively charged Ichimoku lines are indicating that bullish forces are strengthening, while the oscillators are reflecting that positive impetus is ramping up. The Awesome Oscillator is accelerating north of its zero mark and the momentum indicator is creeping higher in the positive region, promoting additional bullish price movements.

Thus, the decentralized exchange’s token is now expected to gain additional ground, distance itself from Tuesday’s intraday high of 6.85, and initially challenge the 161.8% Fibonacci extension level of the late September correction at 7.14. Another extension from here may stretch to the 227.2% Fibonacci level at 7.60.

On the other side, if at any time the price dives below the Ichimoku lines, the bears will navigate towards the area linking the ascending trendline and the upper surface of the Ichimoku cloud around 6.40. Should this tough zone fail to negate bearish pressures from snowballing, the spotlights will immediately turn to the October 2nd bottom of 6.17.  While within a breathing distance, the important 6.01 – 5.95 support foundation will attract major attention, as it will act as the last defensive line of the current uptrend.

To conclude, Uniswap is currently exhibiting a bullish appetite for the coming sessions, and the current rally is expected to see further continuation initially towards 7.14.