Headline:
Bullish Divergence Spotted on the Daily Chart?
Hello Market Sense community!
Let's dive into one of DeFi's most important assets: Uniswap ($UNI). After a period of consolidation and a recent dip, a potentially significant pattern is emerging that traders are keenly watching.
Looking at the chart, especially on the daily timeframe, a classic technical pattern known as Bullish Divergence appears to be forming.
Price Action: The price of ($UNI) has made a lower low over the past week (or two).
RSI Indicator: Simultaneously, the Relative Strength Index (RSI) indicator, which measures momentum, has made a higher low during the same period.
The Thesis: This divergence is a powerful signal often interpreted by professional traders. It suggests that while the price is dropping, the selling momentum is actually weakening. This could potentially foreshadow a reversal in trend and a push upwards.
Key Resistance to Watch: For confirmation, bulls need to see ($UNI) reclaim and hold above the **$6.80 - $7.00** resistance zone.
Crucial Support: The immediate support to defend is around the $6.20 - $6.35 level.
This is a setup that requires close observation, as a confirmed divergence could offer a significant opportunity.
What are your thoughts on $UNI's potential for a rebound?
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