The price of Uniswap’s UNI has been going up, but it looks like it might not be ascending soon. Price action is showing that the price still has room to run upward if fundamentals remain favorable.
World Of Charts shares a bullish outlook for Uniswap (UNI), suggesting potential gains exceeding 250% in the midterm. The crypto analyst bases his assessment on a significant technical breakout from a descending wedge pattern on the UNI/USDT chart.
The analyst points to a clear break above the wedge’s upper resistance line, backed by strong momentum. He identifies key support around the $11 level, which previously served as resistance before the breakout. Looking ahead, he spots potential resistance zones near $50, based on historical price reactions.
World Of Charts outlines a target of approximately $50, representing an over $250% gain from the breakout point. This is derived and supported by the measured move methodology typically applied to descending wedge patterns. The $50 target is the top of the descending channel where the move started.
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This price analysis will remain valid if UNI price doesn’t drop below the $10 to $11 support zone. A price drop could invalidate the bullish scenario. The influence of broader market dynamics, including Bitcoin’s movements and external market developments, could also affect UNI price trajectory.
The bullish case appears well-supported by classic breakout theory for descending wedges, though achieving the full 250% gain will likely depend on sustained momentum and favorable market conditions.
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