Bunker Mode
Pearl
Wormhole
Pons
NEAR Protocol
Starknet
Quantus- Uniswap price has slipped below the 20-day EMA.
- Its market value has dropped to $8B from $9B in a few days.
Uniswap (UNI) price witnessed a massive bullish rally in November. However, the UNI price suddenly fell in the first week of December, and the momentum shifted to sellers’ hands.
Uniswap price has declined by 30% in the past 24 days. Since the first week of December, the price has kept falling and melted to the significant support level of $12.5.
Based on the technical chart, the price has been hovering at the major support zone of $12.5. The UNI price stayed in the breakout zone according to the chart structure.
Analysts see a Cup-and-handle pattern on Uniswap‘s weekly chart, suggesting a possible bullish breakout. Market observers predicted that the token will reach mid-term targets of $28 and long-term targets of $32 if significant resistance levels are broken.
At press time, the Uniswap price was trading at $13.69. Attention has been drawn to the crypto’s placement within this pattern. That suggested a potential rally in the upcoming weeks.
UNI Price Formed Cup & Handle Pattern on Weekly Timeframe
This bullish Cup and Handle pattern is currently taking shape on the UNI weekly chart. According to Rose Premium Signals, this pattern might suggest that a significant recovery is imminent.
The predicted increasing trend could hold. If this occurs, the Uniswap price will reach $28 in the medium term and $32 in the long run.
Since UNI is regarded as one of the top tokens in the DeFi market, more and more people are interested in using it. Traders have responded favorably to this.
This is a crucial moment for investors. That’s because the price behavior during the current consolidation phase suggested that UNI was about to see a major movement.
Uniswap Price Has Shaped a Descending Triangle
When writing, the Uniswap crypto traded at $13.29 with an intraday loss of 1.58%. Its market capitalization was $7.79 Billion, and the 24-hour trading volume was $322.84 Million.
During a daily time frame, the token formed a descending triangle and squeezed a lot. If the price exceeds the 20-day EMA, it might come out of the triangle. Suppose the price triggers a successful breakout from the triangle; buyers might become confident.
It could trigger a bullish momentum if the price sustains over the $15.5 mark. Amid this bullish momentum, the token might extend to the last swing high of $19.
Alternatively, a strong bearish move can be observed if the Uniswap price loses the 2-month support level. Most traders and investors might prefer to book profits, bringing weakness.
UNI Price Analysis in Crucial Breakout Zone
The Uniswap price was critical as it fluctuated around the significant support level of $12.5. Analysts are optimistic about the potential for a bullish breakout.
That was mainly due to the formation of a Cup-and-Handle pattern on the weekly chart. It could signal a medium-term target of $28 and a long-term goal of $32 if the current resistance levels are successfully breached.
However, the recent price decline suggested that a cautious approach is necessary. The token observed a 30% drop over the last 24 days and the formation of a descending triangle,
A sustained move above the 20-day EMA and the $15.5 mark may bolster bullish momentum. At the same time, failing to maintain support could trigger a bearish trend.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
