Uniswap Eyes Breakout Above $9.68 for Bullish Shift
Uniswap (UNI) is currently trading near $9.0427, with one trader suggesting that the cryptocurrency must break above $9.68 to shift into a bullish trend. This level represents a roughly 7% increase from the current price. The latest liquidation data indicates that long positions accounted for 74% of the 24-hour losses, highlighting a mild shakeout in the market.
According to futures liquidation data from Coinglass, long traders lost $274.56K out of the total $370.21K over the past day. The majority of these losses occurred in the last four hours, aligning with a minor dip observed on the chart. The amounts involved are relatively small for a coin of UNI's size, suggesting a modest correction rather than a significant market shift.
Technical analysis on the 4-hour chart shows UNI consolidating above a descending trendline resistance. A confirmed breakout from this consolidation could strengthen bullish momentum, with key resistance levels identified at $11.0174, $13.0204, and potentially $15.0034. On the downside, $8.5506 serves as the immediate support, with the 200 EMA at $7.8776 providing deeper support. A break below $8.5506 could weaken the bullish outlook.
The bullish scenario would require UNI to post a 4-hour close above $9.68, meeting the condition set by trader CW for a bullish shift. The next key levels to watch would then be $11.0174 and $13.0204. Conversely, a 4-hour close below $8.5506 would cast doubt on the current sideways range, with the 200 EMA near $7.8776 becoming the next reference point, approximately 13% below the current price.