Uniswap Price Prediction: UNI seems to be on the verge of a 20% breakout
|- Uniswap's price is bounded inside a symmetrical triangle on the hourly chart.
- The digital asset is facing a potential breakout or breakdown of 20%.
Uniswap is down 11% in the past 24 hours, currently trading at $2.61, right above the lower trendline of the symmetrical triangle formed on the hourly chart. A breakout or breakdown will likely represent a 20% move in either direction.
Uniswap bulls need to defend critical support level to avoid a 20% pullback
The lower trendline of the symmetrical triangle at $2.6 is the most crucial support level in the short-term. A breakdown below this point can easily drive the price of Uniswap towards $2.13. The 200-SMA could act as a support level in-between at $2.36.
-637405318034687828.png){kind=link}
UNI/USD 1-hour chart
The In/Out of the Money Around Price (IOMAP) chart paints a similar picture as it shows a strong support level at $2.59 and a significant resistance area between $2.83 and $2.90. If bulls can defend the lower trendline at $2.6, the price of UNI could easily jump towards the upper trendline at $2.8.
UNI IOMAP chart
Considering the bullish momentum of the market, UNI could crack the $2.8 resistance level and see a notable 20% breakout towards $3.4 as the IOMAP shows very little resistance above the $2.83 - $2.9 area.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.