Uniswap shows possibility of a bearish scenario if it loses this level

ambcrypto.com:

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

Uniswap has performed well in the markets in recent weeks. It posted gains of nearly 26%, measured from the lows in late September to the swing high it made the previous day.

In doing so, it formed a bearish reversal pattern, even though it retained bullish momentum. This could change over the next few days.

Here’s AMBCrypto’s Price Prediction for Uniswap [UNI] in 2022

Bitcoin was unable to climb above $20.4k yet again. If BTC fell below $19k, it could accelerate the losses for altcoins across the market. There were two important levels that short-term Uniswap bulls would have their eyes on.

Source: UNI/USDT on TradingView

On the 4-hour chart, a rising wedge pattern (white) was spotted. In the past few days, UNI had managed to hold on to the $6.75 support level.

However, at the time of writing, it looked set to slip below. The wedge’s lower trendline support as well as the horizontal support at $6.75 could be broken in the coming hours.

The RSI stood at 48.46 at press time. If it dropped below 45 in the next few hours, the indication would be a flip in momentum in favor of the sellers. The Stochastic RSI was at oversold territory as well.

In the event that the $6.75 was lost as support, a bearish scenario can develop if the price further fell below the $6.47 level. This would flip the 4-hour structure to bearish. The highlighted region around $6.6 could serve as a resistance zone and facilitate a drop for UNI as far south as $6-$6.2.

On the other hand, the $6.5-$6.6 has been a significant level on lower timeframes. If Bitcoin can defend the $19k region over the next few hours and begin to reverse,