Uniswap has been trading above a key support level around $ 30 on the 4-hour chart since March 7. Another successful defense of this critical point, and UNI was able to quickly see a massive recovery as it faced almost no resistance ahead of it.
UNI price should go above this level
On the 4-hour chart, Uniswap created a strong support trendline of $ 30 that held the price several times over the past week. Additionally, the TD Sequential indicator recently introduced a red “8” candlestick, often followed by a buy signal.
Another successful defense of the key support level should push the Uniswap price towards the final peak of about $ 34. The In / Out of the Money Around Price (IOMAP) chart also shows that the UNI bulls are facing lower resistance ahead.
The most important area of resistance is between $ 31.8 and $ 32.4, where the Uniswap price may pause for a short time before continuing to rise to $ 34. Additionally, large holders appear to have accumulated a large number of UNI tokens last week.
Since March 10, the number of people with 10,000 to 100,000 UNI has increased by 56. Similarly, the number of 100,000 to 1,000,000 token whales increased by 10. This adds even more confidence to the bullish outlook.
To invalidate the upcoming recovery, the bears will need to push the Uniswap price below $ 30 with a 4-hour candlestick close. However, the IOMAP chart is still showing a lot of support between $ 29 and $ 27.2, which means the bears could drop Uniswap to $ 27.2 with a break below $ 30, but probably not more.