Uniswap (UNI), the token powering the popular decentralised exchange protocol, is generating some bullish signals. Let's dive into the technical analysis:
Breakout and Retest:
UNI recently broke out of a long-term ascending triangle pattern, indicating a potential bullish trend.
Currently, UNI is in a retesting phase, which is a healthy sign for the breakout's validity.
Price Target:
The analysis suggests a significant upside potential of around 2300% for UNI post-retest.
Supporting Factors:
Price Above 100 SMA: This is a strong bullish technical indicator, suggesting an uptrend as the current price is trading above the 100-day Simple Moving Average (SMA)
Strong fundamentals for Uniswap as a leading DEX protocol.
Weekly timeframe chart shows a promising rally.
Trading Strategy:
Entry: Consider entry at the current market price (CMP) to around $6.7 with additional accumulation during potential dips within the established channel.
Stop Loss: A weekly close below the channel would indicate a trend reversal, acting as a stop-loss point.
Profit Targets:
Target 1: $23.159
Target 2: $33.879
Target 3: $84.623
Target 4: $168.636
Happy Trading!!
#NFA #DYOR
Breakout and Retest:
UNI recently broke out of a long-term ascending triangle pattern, indicating a potential bullish trend.
Currently, UNI is in a retesting phase, which is a healthy sign for the breakout's validity.
Price Target:
The analysis suggests a significant upside potential of around 2300% for UNI post-retest.
Supporting Factors:
Price Above 100 SMA: This is a strong bullish technical indicator, suggesting an uptrend as the current price is trading above the 100-day Simple Moving Average (SMA)
Strong fundamentals for Uniswap as a leading DEX protocol.
Weekly timeframe chart shows a promising rally.
Trading Strategy:
Entry: Consider entry at the current market price (CMP) to around $6.7 with additional accumulation during potential dips within the established channel.
Stop Loss: A weekly close below the channel would indicate a trend reversal, acting as a stop-loss point.
Profit Targets:
Target 1: $23.159
Target 2: $33.879
Target 3: $84.623
Target 4: $168.636
Happy Trading!!
#NFA #DYOR
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