- Uniswap (UNI) is showing a 2.68% daily gain, though weekly performance remains down 3.51%.
- Price holding above EMA 50, EMA 100, and EMA 200 signals bullish momentum.
- The “cup and handle” pattern indicates a potential breakout setup on the daily UNI chart.
- A breakout above the 0.786 Fibonacci level could lead to a rally toward the $15.96 target.
Uniswap (UNI), one of the top decentralized finance (DeFi) coins, is trading at $7.57 as of now with the support of a 24-hour trade volume of $457.39 million and a market cap of $4.76 billion.
The token has increased by 2.68% in the last one but is down by 3.51% compared to its level a week ago. This short-term rebound, while modest, is attracting renewed attention from technical traders who are eyeing a potentially stronger move upward.
This recent rally has support from growing technical indicators that Uniswap is possibly at the start of a key phase. Chart watchers pay attention to the traditional “cup and handle” pattern taking shape on the daily chart.
This configuration is usually a bullish continuation where the rounded “cup” signifies the previous consolidation as well as the bounce back, and the “handle” is a temporary barrier before a breakout.
If the structure proves to be true, the key cryptocurrency token of UNI can be gearing up for a strong positive leap after its last consolidation process.
Uniswap Price Surges Above All Key EMA Levels
The Uniswap chart’s technical configuration also suggests an intersection of exponential moving averages, i.e., the EMA 50, the EMA 100, and the EMA 200, all meeting just below the trading level at the moment.
This convergence strengthens the base for an upward move, as UNI has fixed its position above these trend indicators, a signal of market confidence. Further, the price level is reaching the 0.786 Fibonacci retracement level, a significant level of resistance in the continuation bull trades.
The resulting breakout would act as a trigger and could signal the onset of the successive rally targets at $10.265, $12.020, $13.770, and $15.960. These targets are calculated on the basis of the extent of the pattern and the previous price zones.
Uniswap Upside Potential Beyond the $15 Mark
Analysts emphasize the requirement for volume confirmation to confirm the setup. A surge in trading activity at the breakout would confirm positive sentiment and boost momentum.
In the event such confirmation happens, Uniswap can embark on a large-scale rally phase surpassing $15 and provide a significant upside from the current level. The price graph, with well-marked breakout regions, supports this guarded positive case.
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