|

Uniswap price moves according to plan as bullish triangle forecasts 5% uptick

  • Uniswap price recovers from a brief uptick and rejection as the end result on Thursday.
  • UNI identifies a bullish triangle with $5.41 as a base.
  • Expect a nice 5% return once bulls break out of the triangle and head to $5.70.

Uniswap (UNI) price is a bit of an outlier in terms of patterns against its competitors. Where, for example, Cronos is not showing any tangible signs of a rally, UNI is defining a nice bullish triangle that could bring at least a 5% gain alongside it. With great respect for the ascending trendline, bulls know what to do in order to scoop up those profits.

Uniswap price in a textbook scenario that even children can trade

Uniswap price is primed for some upside potential as UNI shows a clear path higher. Not only is the price action chart showing an important bullish triangle, but the Relative Strength Index (RSI) is confirming that pattern as well. After a test at the topside near $5.41, both the price action and the RSI cooled down without retreating too much.

UNI will see support at the ascending triangle with bulls ready to flock in again for a long position. The next test could be the right one to trigger a break to the upside. Once the breakout is triggered, a firm leg higher to $5.70 would bear another 5% gain for traders to book against the 55-day Simple Moving Average (SMA) as a target. 

UNI/USD  4H-chart    

UNI/USD  4H-chart    

Any break of the green ascending trendline would snap that rally and could see it fall substantially lower. That makes sense with the RSI elevated and thus offering more room to the downside with long positions being unwound. It is not impossible to think that UNI could print back below $5, maybe at $4.95, before it finds ample support to halt the correction.

Author

Filip Lagaart

Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.

More from Filip Lagaart
Share:

Editor's Picks

NEAR Protocol Price Forecast: NEAR rebounds on the launch of India’s biggest IPO, Jio Platforms perps

NEAR Protocol price ticks higher extending its roughly 3% rebound from the previous day. NEAR Intents launched confidential trading of India’s biggest IPO, Jio Platforms, perpetual contracts on Tuesday. Institutional investors' activity shows mild profit-taking after nearly $5 million in outflows on Tuesday.

Top 3 Price Predictions: BTC, ETH and XRP recover as Big Tech earnings take center stage

Bitcoin, Ethereum, and Ripple extend their recovery on Wednesday as investors turn their attention to major technology companies' earnings reports. Microsoft and Alphabet are due to report their Q3 earnings on Wednesday, followed by Amazon on Thursday.

Pepe Price Forecast: PEPE climbs as Justin Sun-linked wallets spark bullish sentiment

Pepe surges over 15% so far this week, trading above $0.00000494 as bulls remain in control. Improving derivatives metrics and rising social dominance signal bullish sentiment, amid reports that Justin Sun-linked wallets hold almost 3% of the PEPE supply. In addition, strengthening bullish momentum suggests further upside for the meme coin.

Ethereum ETFs near record monthly outflows as ETH tests $2,310
Ethereum (ETH) held steady on Tuesday, consolidating at $2,340, just above $2,300 after last week’s decline. Three measures sit within about $18 of each other: ETH’s realized price at $2,310, the 200-day Exponential Moving Average (EMA) at $2,315, and the $2,328 average cost basis of wallets holding 1K-10K ETH.
Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.