UNI Price Analysis: Cup & Handle Pattern Formed on Weekly Timeframe, Will the Bulls Break Out?

Uniswap (UNI) price witnessed a massive bullish rally in November. However, the UNI price suddenly fell in the first week of December

Uniswap (UNI) price encountered 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 TimeframeThis bullish Cup and Handle pattern is currently forming on the UNI weekly chart. According to Rose Premium Signals, this pattern might indicate that a strong recovery is about to begin.

The predicted increasing trend could continue. If this happens, the Uniswap price will reach $28 in the medium term and $32 in the long term.

Since UNI is known to be one of the top tokens in the decentralized finance (DeFi) market, people are becoming more interested in using it. This has gotten a good response from traders.

This is a crucial time for traders to watch closely. That’s because the price action on the lower time frame suggests that UNI is about to make a big move.

Uniswap Price Has Shaped a Descending TriangleWhen 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 crosses 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 ZoneThe 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.

This optimism is primarily driven by the formation of a Cup-and-Handle pattern on the weekly chart, which 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 suggests that a cautious approach is necessary. The token has seen a 30% decrease in the past 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.

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.