UNI analysis – the price rebounded from the long-term support. Is a growing trend waiting for us?

UNI recently tested the key long-term level of support, which is roughly at $ 13.50. This support has been tested several times in the past. The price tested this support for the first time during the May sale, and since then it has created two more long-term lows in this support zone.

So it opens question, or whether the price will recreate the long – term minimum in this support band. This has probably already happened and the price has managed to rebound. In the short term, however, prices may take a while to build up growing leg because of the resistance needs to overcome on this path.

UNI / USD 4H. Source: TradingView

UNI bounced back from long-term support

The resistance from the last two local correction maximums is found roughly at $ 18.50, where the previous maximum is also located. We see that the price has managed to create 123 bottom formation, but this is a very short – lived pattern so that we can talk about reversal long-term trend.

RSI indicates short-term overheating and so the price does not overcome the mentioned resistance on the first try, but maybe later. Therefore, the continuation of the sideway movement is in the game and only then the price will overcome the resistance from the maximum and create in the future growing trend. Further long-term resistance is then found at about $ 22.80.