Uniswap Stalls at Double Top Resistance

Uniswap (UNI) is currently trading near $4 after experiencing a 7.3% gain in value.

The price has encountered resistance at the same level twice, forming a double top pattern that typically indicates a bearish reversal signal.

A breakdown below the neckline of this pattern would confirm the double top and potentially lead to a deeper pullback.

However, the recent surge in trading volume, up 98% to $527.17 million, suggests that sellers are showing conviction.

The Moving Average Convergence Divergence (MACD) line is above the signal line, indicating strong short-term buying momentum, and both lines remain above zero, hinting at a bullish long-term trend.