Can Uniswap (UNI) Price Break Past $16 and Reach New Highs? Analyst Explains

Uniswap’s price has been showing signs it might move higher soon. Veteran analyst AltcoinView has outlined critical levels and scenarios for UNI’s next move

Cryptocurrency prices are highly volatile and can go up or down at any moment. As a result, it is essential to do your own research before making any purchasing decisions. This article provides an overview of Uniswap’s (UNI) recent price movements and potential future price projections based on technical analysis by a veteran analyst.

According to AltcoinView, UNI’s price has established a support base around $10.909, which has sparked upward price action. However, whether it can break through key resistance zones remains a discussion among traders.

UNI Price Support and Resistance Levels

AltcoinView notes that UNI’s price has found strong support at $10.909, triggering an initial move towards $12. This level has acted as a crucial foundation for the recent rally. The resistance zone between $15.44 and $16.45 is now the primary area of interest for a bullish continuation.

Moreover, a confirmed breakout above this range could pave the way for higher targets, potentially reaching $19.497 and $23.116. These levels align with historical resistance and liquidity zones identified by analysts.

On the downside, losing the $10.909 support could increase selling pressure. If this occurs, UNI may retrace toward $6.60, a key area that could attract buyers based on historical price action.

AltcoinView’s Chart Analysis

Taking a closer look at AltcoinView’s chart, we can see a clear ABC correction pattern forming. UNI is currently moving through Wave B, and the analysis suggests that Wave C will be an upward movement.

The Fibonacci levels near Wave B are worth paying attention to – particularly the 0.5 and 0.618 marks, which could act as support.

The Fibonacci extensions point to two key price targets for Wave C: $19.497 and $23.116. These line up nicely with the resistance levels mentioned in the tweet, which makes the prediction more compelling.

Uniswap Market Sentiment

Volume and market sentiment play key roles in UNI’s price trajectory. AltcoinView emphasizes that a breakout above the $15.44 to $16.45 range must be accompanied by substantial trading volume to confirm bullish momentum.

Without sufficient volume, a false breakout could lead to renewed downward pressure. Broader market trends within the crypto sector will also impact UNI’s price movement, as external factors often dictate market behavior.

UNI Price Projections

AltcoinView’s analysis provides two potential scenarios for UNI. If the cryptocurrency sustains its momentum and breaks past $16.45, higher targets of $19.497 and $23.116 become achievable.

Conversely, failure to maintain support at $10.909 could lead to a drop toward $6.60, where buyers might re-enter the market. These scenarios highlight the importance of monitoring key levels and market conditions.

As traders watch UNI’s price action, the coming days will determine whether it can continue its bullish journey or face renewed challenges.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.Get all our future calls by joining our FREE Telegram group.

We recommend eToro