Popular decentralized exchange Uniswap’s native token UNI looks poised for further upside after breaking out of key chart patterns, according to crypto trader Ali’s recent technical analysis.
In a tweet, Ali highlighted bullish formations on both Uniswap’s daily and 4-hour price charts that point to a target of around $6.
On the daily timeframe, UNI is pressing up against the hypotenuse of a descending triangle formation. This key diagonal resistance line dates back to May of this year and has repeatedly rejected price advances.
However, Ali notes that decreasing selling pressure along the trendline indicates waning bearish strength. A decisive break above this triangle could trigger a rapid move upwards based on the measured move target.
Zooming into the 4-hour chart, UNI also recently broke out of a smaller bull flag pattern. This bullish continuation formation similarly projects a measured move upwards to approximately the $6 price level.
With bull flags considered among the highest probability continuation patterns, the harmonious bullish signals at both the daily and 4-hour intervals provide a compelling case for upside.
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UNI sits around the $5.02 level at the time of writing. With Uniswap activity and volumes on the rise again, Ali’s analysis provides an actionable trading plan for speculators looking to ride UNI’s developing upside momentum. Upside confirmation upon breaking triangle resistance may warrant UNI long exposure.
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