Uniswap (UNI) Price Breaks Out: Analyst Expects Retest Before $10 Target Amid ETH Season

Crypto analyst CryptoDoc analyzed Uniswap’s (UNI) trajectory in a tweet recently. According to CryptoDoc, UNI has broken above a long-standing downtrend line on its daily chart.

This breakout could signal a shift from bearish to bullish momentum. Breakouts like this often indicate the end of a downtrend and suggest that UNI may be ready to gain traction.

CryptoDoc projects a retest around the $7.3 to $8.3 range, where a “green box” marks a buy zone on the chart. If UNI revisits this level and finds support, this move could strengthen buyers’ confidence in an upward trend, setting the stage for the next target at $10.

UNI’s Key Levels and Buy Zones Identified

The analysis by CryptoDoc identifies two buy zones. The primary zone, or “Buy Zone 1,” falls between $7.3 and $8.3, highlighted as a potential area for a retest following the breakout. 

Should UNI’s price retrace to this level, it could provide a strong support zone, encouraging buyers to enter positions before the price moves higher.

A secondary buy zone, marked near $6, serves as an alternative entry point for conservative buyers or those anticipating a deeper correction. This zone offers a fallback option if the primary buy zone does not hold. 

CryptoDoc’s strategic marking of these levels provides investors with clear entry points should UNI experience a pullback before advancing further.

$10 Target Expected After Retest

After a potential retest within the primary buy zone, CryptoDoc expects UNI to move toward a $10 price target. According to the projection on the shared chart, UNI could curve upward following this retest, with the $10 mark as the near-term target. 

This aligns with CryptoDoc’s forecast, which anticipates sustained bullish momentum if UNI remains supported by Ethereum-based sentiment during the anticipated “ETH season.”

Read also: Celestia’s Unlocks Absorbed Well – Will TIA Price Continue to Pump?

UNI’s Potential to Stay in Top 25 Amid Bullish Market Sentiment

CryptoDoc’s analysis further speculates that, with positive market conditions and ETH’s performance, UNI could retain a spot in the top 25 crypto assets by market cap during a bull market. 

Currently positioned at number 21, UNI’s breakout and anticipated price action could bolster its standing among leading Ethereum-based tokens. The analyst’s bullish outlook suggests long-term confidence in UNI’s performance, especially with renewed interest in Ethereum-related projects.

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

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Samuel Munene
Samuel Munene

Samuel is a vesatile and seasoned content editor with a sharp eye for detail and a passion for writing. Web3 techonology is the future! With massive experience in the publishing industry, I specialize in refining and enhancing written material to ensure clarity, coherence, and engaging narratives.

CaptainAltcoin
Logo