Uniswap targets $36 first before UNI makes new all-time highs

Uniswap price is positioned for an imminent breakout. But in what direction, that remains to be seen. There are an overwhelming amount of mixed signals that could yield weight to any bullish or bearish bias. However, given Bitcoin’s recent momentum, a breakout higher is the more near-term scenario.

Uniswap price is ready for a solid bullish breakout above the Cloud

Uniswap price could see a very expansive bullish move soon, especially given its current position within the Ichimoku Kinko Hyo system. Uniswap is currently just a hair below the top of the Cloud (Senkou Span A), and if buyers can push for a close to at least $26, then the Chikou Span will also be above the Cloud. When the Chikou Span and close are both above the Cloud, it creates one of the most sought-after bull signals in Ichimoku analysis.

Utilizing a Fibonacci expansion tool from the September 26th swing low to the October 2nd swing high gives a projection to the next target zone for any bullish breakout near the $36 value area (100% Fibonacci expansion). However, a bullish breakout for Uniswap price is not a certainty.

UNI/USD Daily Ichimoku Chart

Many altcoins have a common theme in positioning their respective close near-term bullish breakout – but conflicting oscillator values. The Relative Strength Index remains at bear market conditions, and there is clear rejection against the overbought level of 55. Additionally, hidden bearish divergence exists within the Composite Index, warning of a continuation move of the prior downside trend. If selling pressure resumes, bears are likely to target the $17 - $18 value areas.