Uniswap might be ready to make a big move. Prominent analyst CW shared on X (formerly Twitter) that UNI is forming a bull flag pattern. This pattern often means the price of UNI could keep climbing.
If UNI breaks out as expected, CW thinks it could reach $24. Right now, traders are keeping a close eye on the charts to see what happens next.
Uniswap Chart Analysis
Looking at UNI’s recent movements, we can see what looks like a bull flag forming. The price shot up first, then settled into a slower downward drift. The initial rally, known as the flagpole, saw UNI’s price surge significantly. This slower period is what traders watch for – it’s like the price taking a breather before potentially moving up again.
In the case of UNI, the consolidation phase is taking place within a well-defined flag, with parallel lines marking the support and resistance boundaries. As the price approaches the apex of the pattern, traders are anticipating a breakout, potentially driving the price higher towards the target of $24, as suggested by CW’s.
UNI Key Support and Resistance Levels
Looking at the chart, UNI’s price is testing the $15 support level, which has proven to be a solid base in the past. If the price drops too low, though, traders might need to rethink their plans.
UNI is having trouble getting past the $18-20 range. Breaking through this level could send the price toward that $24 target CW mentioned.
The key levels to watch are $15 on the low end and $18-20 on the high end. These will tell us if the bull flag pattern is working out. A strong push above $18 could spark a quick move up.
Read Also: Is Hedera Price About to Explode? Market Analyst Predicts a Major Rally for HBAR!
Volume Analysis and Potential Breakout
Volume plays a key role in confirming the breakout from a bull flag pattern. Trading volume has been picking up during this quiet period, which tells us more people are getting interested in UNI. Traders usually expect to see even more volume when the price finally breaks out.
The higher volume suggests traders are positioning themselves for a move. If Uniswap price can push past that $18-20 range, reaching $24 starts to look more likely. Everyone’s watching – the next few weeks could bring some significant gains for people holding UNI.
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