The UNI Price Bounces Back, Saving Breakdown
UNI has been trading above the $4 support area since April 2022. However, it faced a rejection in July 2023, leading to a downward movement that took it back to the $4 support area in October. Fortunately, the altcoin initiated a bounce from this level and reached a high of $5.60 this week, just below the descending resistance trend line at $5.90.
The descending resistance trend line, which has been in place for 475 days, combined with the $4 support area, forms a descending triangle pattern for UNI price, typically considered bearish.
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Analysts’ Sentiments on UNI Price
Cryptocurrency traders are predominantly bullish on the future UNI price trend. DaveCryptosNews tweeted that the price action is bullish, while GlobeOfcrypto1 outlined a potential breakout from a long-term pattern. CryptoUsmaan suggested two possibilities for entering a long trade based on important support levels and potential breakouts.
Predicting UNI’s Future Price Movement
A zoomed-out look at the weekly chart indicates that UNI might have broken out from a long-term descending resistance trend line and is currently validating it as support. The weekly Relative Strength Index (RSI) is moving upwards and has generated a bullish divergence at the most recent bounce.
If UNI breaks out from the descending resistance trend line, it could see an increase of 40% to the $7.50 resistance area and possibly 130% to the $12 resistance. However, failure to break out can cause a 25% drop to the $4 support area.
Hot Take: The Potential for UNI’s Bullish Trend Continuation
The recent bounce from the $4 support area and the potential breakout from the long-term descending resistance trend line suggest that there is strong momentum for UNI’s price movement. Analysts’ bullish sentiments and technical indicators also point towards a possible upward movement in price, making it an interesting asset to watch for potential gains in the near future.
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