Uniswap is making waves in the crypto market after breaking free from its downward pattern. Prominent analyst CW shared on X (formerly Twitter) that UNI’s price has completed a critical retest after breaking out of a falling wedge. This retest has strengthened bullish sentiment, with analysts eyeing a potential price target of $23.
Uniswap Chart Analysis
Looking at the chart, UNI was stuck in what traders call a falling wedge—basically, the price kept making lower peaks and valleys, with the lines getting closer together. But now, UNI’s price has pushed above the top line, which could mean its days of going sideways are done and it might be ready to climb.
What’s really interesting is how UNI dipped back down to test the breakout point before heading up again. When this happens, it often means the upward move isn’t just a fluke – it’s got some real strength behind it.
Support and Resistance Levels in Focus
Key technical levels play a vital role in understanding UNI’s price action. The retest level aligns with prior support zones, indicating that buyers are stepping in to defend this area. On the resistance side, the token faces challenges near its previous swing highs, which were established before the wedge formation began.
The analysis suggests that surpassing these resistance levels could pave the way for UNI to target $23, a price projected using the height of the wedge pattern. Historical trends in similar setups lend further credibility to this target.
Read Also: Bitcoin Price Could Dip Further, Warns Expert – Here’s Why
Volume and Broader Market Trends
Volume analysis often complements breakout patterns, and while detailed volume data was not provided, such breakouts are typically accompanied by increased trading activity. This reflects heightened interest from buyers. Additionally, UNI’s upward breakout aligns with the broader market trend, which remains bullish, further supporting the possibility of continued gains.
CW emphasizes that UNI has maintained its bullish structure, as the price did not breach previous lows. This stability reinforces the optimistic outlook, with the $23 target remaining intact. The combination of technical analysis and social sentiment has positioned UNI as a token to watch closely in the coming weeks.
As market conditions evolve, traders and investors are closely monitoring whether UNI’s price can sustain this momentum and achieve its projected target.
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