- Uniswap price witnessed a 200% rally from June through August
- The bulls have produced an uptrend move after bouncing from a key Fibonacci level.
- Invalidation of the bullish thesis is a breach below $4.60
Uni swap could be in the beginning stages of a much stronger rally. Key levels have been defined to gauge UNI's next potential move.
Uniswap Inu price has potential.
Uniswap price has produced a -stair-stepping pattern that may lead to a strong rally in the coming days. Between July 14 and August 12, UniSwap rose by 200%. Following the rally, the Ethereum-based swap token fell 50% and auctioned sideways throughout the fall. As the UNI price drops, the market bottom may be in. An additional rally towards could $12.50 congestion zone could occur in the coming days.
Uniswap price currently auctions at $7.50. The bulls produced a sudden 10% spike on Friday, November 2. A bullish engulfing candle accompanied by an influx in buying pressure on the volume profile indicator is displayed on the daily timeframe. The technicals seem rather optimistic as signals as the recent uptrend move was catalyzed by a retest of the 8-day exponential moving average following a previous 15% rally earlier in the week.
UNI/ USDT -Hour Chart
Considering these factors, the Uniswap price could witness a 30% rally in the shortterm and as much as a 200% rally in the coming weeks. Shortterm bullish targets are $10 and $12, while a longer swing trade could potentially target $24.
Invalidation of the bullish outlook is possible if the bears take the liquidity below $6.75. A sweep of the lows could induce an additional sellers' frenzy targeting the 21-day simple moving average at $6.60. Uniswap price would decline by 13% if the bears were to succeed.
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