Uniswap Price Eyes $6 as Bullish Chart Patterns Emerge: Expert Reveals What the Four-Hour Chart Shows

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.

Read also:

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.

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.

Tags:

Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!

pepeto
CaptainAltcoin
Logo