The reluctance of either side to surrender on the historical highs of Uniswap (UNI) price and the controversial situation in the BTC market add some intrigue.
ATH Uniswap update on 15 April did not wake up buyers for a new growth momentum. The test of $35.58 took place at low volumes. A small daily candle, which closed that day, indicates a retreat of buyers with little resistance of the market against growth.
Consequently, consolidation in the 30% range of $28-35 continues. If we look at the daily timeframe, we see that the UNI market slowdown began immediately after the price reached the upper trend line of the growth channel:
Impulsive Uniswap (UNI) price Growth Comes To An End – Why?
From 30 January, buyers update the historical high by inch. But they cannot continue to grow in the characteristic UNI manner – momentum.
The last powerful attack of buyers, supported by volumes was on 20 February. However, even in this case, the UNI price could not be fixed above the critical mark of $35. In fact, since then, the main scenario in the UNI market is a triangle, with a high probability of its breakdown.
The certain BTC price fall had almost no effect on the UNI market. If other coins significantly dropped and broke their long-term consolidations down, UNI buyers confidently kept the lower trend line of the triangle. The main reason is the UNIBTC pair price growth:
UNIBTC Confidence Ensured The Stability Of The Project
The chart shows that the UNIBTC market has felt much better in the last 10 days than the BTC market. The current growth wave within the black wedge is not over.
Therefore, our basic scenario of the UNI historical high update with a target of $57 remains valid. The first sign of its beginning will be when the price fixes above the mark of $35 at least on a daily timeframe.
Buyers’ unsuccessful attempt to take control of this mark will again call into question the range of $28-30. This range is the only obstacle for sellers on the way to the liquidity zone of $17-18.
Every day the trading range on the UNI market is narrowing and by mid-May we will see a strong price shot. The most important thing for UNI investors is that this momentum is up.