Uniswap [UNI] bounces above $6 yet again, can it conquer $7 this week

ambcrypto.com:

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

Uniswap [UNI] saw a nasty plunge in prices last week after the price charts showed a bearish chart pattern form and the price followed through. This drop saw UNI go from $7 to $5.5 within five days. However, the response near the $5.5 low was impressive.

Here’s AMBCrypto’s Price Prediction for Uniswap [UNI] in 2022

In other news, Uniswap announced raising $165 million in a Series B funding round led by Polychain Capital. On the other hand, long-term investors could also be worried about the dwindling TVL over the past two months.

Source: TradingView

In late September, UNI made a rising wedge pattern (white) on the charts. Near the $7 resistance zone, the price saw a rejection and quickly fell below the $6.75 horizontal level. This leg downward did not see a session close beneath $5.55, the lows of the pattern.

Rather, the price dipped to $5.4 but was quick to move above $5.5, and back above the $6 mark as well. This suggested some buying pressure and strong demand around the $5.5 zone.

In yellow, a range was plotted for UNI from $5.2 to $7.2. The mid-point of this range sat at $6.2, and served as both support and resistance in recent weeks. At the time of writing, it was an important resistance for the bulls to drive the prices above.

The Relative Strength Index (RSI) did not yet get back above neutral 50. However, the 12-hour market structure was bullish as the price managed to climb above the recent lower high. Moreover, the $6 region was a bullish breaker for the price. Hence, it looked likely that UNI could climb from $6 to $6.6.

At $6.6 sat a bearish order block from a lower