DAILY NOTION: Uniswap Technical Analysis: UNI Leads DeFi Sector Recovery
Uniswap has recovered tremendously in November, spiking 143% from the monthly low at $1.75 to the recent peak at $4.27.
The bullish outlook seems unstoppable, mainly due to a bull flag breakout observed on the 4-hour chart.
The decentralized finance (DeFi) sector is waking up from the trip made downstream in September and October.
Uniswap is among tokens that are leading this recovery mission.
However, resistance at the monthly peak has seen bulls lose traction and the price dive to $3.2 (recent critical support).
A bull flag pattern came into the picture and highlighted the possibility of the uptrend continuing. Meanwhile, UNI/USD has broken above the bullish pattern and is trading at $3.9 at writing.
This pattern brings to light a potential upswing to $5 if the ongoing uptrend is sustained.
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