UNI Price Breaks Out from Long-Term Resistance
The price of UNI has experienced a rapid increase since October and recently broke out from a long-term descending resistance trend line. This breakout could indicate future positive trends for the cryptocurrency.
UNI Price Movement
Since April 2022, the UNI price has been trading above a long-term horizontal support area while following a descending resistance trend line. In October, there was a retest of the support level, which led to an increase in price. Last week, UNI finally broke out from the 480-day descending resistance trend line.
Bullish Divergence and Analyst Outlook
Prior to the breakout, the weekly Relative Strength Index (RSI) showed a bullish divergence, indicating a potential increase in momentum. Analysts are also optimistic about UNI’s future price trend, with some predicting a breakout from a macro market structure. However, others believe that the breakout has already occurred.
Uniswap Decentralized Exchange Performance
In addition to the positive price movement of UNI, the Uniswap Decentralized Exchange (DEX) is performing well. The monthly trading volume has reached its highest level since April, and there has been an increase in volume in the last 24 hours.
UNI Price Prediction: Potential Retracement
While the weekly chart suggests a bullish trend for UNI, the daily chart indicates that a retracement is likely before further upward movement. The Elliott Wave count and bearish divergence on the RSI support this prediction. If the downward movement continues, the price could fall by 20% to reach the Fib retracement support at $4.85.
Hot Take: UNI’s Breakout Signals Positive Future
The recent breakout of UNI from a long-term descending resistance trend line suggests a positive future for the cryptocurrency. Analysts are optimistic about its potential and the Uniswap Decentralized Exchange is also performing well. However, there may be a retracement in the short term before further upward movement. Overall, UNI’s breakout is an encouraging sign for investors.
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