Uniswap price sees bulls taking upper hand with possible 30% breakout

Uniswap (UNI) saw bulls coming in this week around $21.05 and has been on a tear for the rest of the week. With markets shifting back to risk-on, expect more interest to come for Uniswap. And once Bitcoin hits all-time highs, expect Uniswap to double in value toward $48.12.

Uniswap price sees bulls possibly doubling Uniswap valuation

Uniswap price has already broken a few technical elements to the upside this week, including the monthly pivot, the 55-day and the 200-day Simple Moving Averages (SMA). When UNI could draw a weekly close above the 200-day SMA, at $26.50, expect bulls to sit on their positions and not take any profit until $33.87. This boost could be provided by the global market sentiment that has turned to risk on Thursday. With momentum building up in several major cryptocurrencies that are nearing all-time highs, more positive media attention could see more inflow on the buy-side. 

UNI price must also close at least daily, preferably on a weekly close, above $33.87. As that level it falls in line with the monthly R1 resistance level. Expect some profit-taking to be happening, but when bulls can keep price action to the upside and the favorable tailwinds only gain strength, bulls will try to break the blue ascending trend line. When that trend line breaks, expect a retest to get some proof support. When that support holds, UNI price could easily double its value by the end of October on that blue ascending trend line by hitting $48.12.

UNI/USD weekly chart

If market sentiment should start to fade and major cryptocurrencies see mounting losses, expect UNI to drop like a stone. Both $21.05 and $19.30 would be no match for the massive selling that would happen with bulls fleeing the scene en masse. Another leg lower would see some support from bulls at $12.93.