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
Trade active
pumped 1.5x and more coming!!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.