- UNI price presents a rare and colossal buying opportunity.
- The altcoin awaits a massive bullish explosion ahead.
- Downtrend risks remain limited to the short term.
Uniswap price movements seem to set short-seller for an offensive bear trap. Meanwhile, a lower move might fuel the upcoming bullish reversal. That is despite the potential triple bottom breakout.
UNI Price Primed for a 170% Upside Move
According to the $2.0/three-box reversal Point & Figure chart, UNI price has formed a trifecta of possible bullish events. The most critical is the rare but powerful pattern called a Bullish Shakeout.
The bullish Shakeout formation moves under a multiple low that doesn’t exceed two-three boxes (non-crypto currency markets are a maximum of two). Moreover, the setup is valid if the entry happens around a higher low and the broad market trends shift to bullish. When it comes to Uniswap, the alt validates the requirements only if its stays away from the $10 mark.
The 2nd and 3rd bullish cases happen simultaneously. Moreover, they depend on the strength of the effective Bullish Shakeout entry. With that, UNI price might accelerate to high levels of $30. Once that happens, it will authorize the breakout past a double-top, and UNI will shift into a bull market.
The hypothetical trade ideal is a $24 buy-stop order, $58 profit target, and $16 stop loss. That leads to a risk/reward setup of 4.25:1, with an indirect 170% surge for UNI. Two-three boxes trailing stop will protect hypothetical profits acquired after the entry.
UNI price might drop towards the $11 lows and remain valid. However, hitting the value area of $10 before triggering an entry will ruin the trade idea.
Meanwhile, UNI appears ready for upward trends. The asset’s retracements prove lucrative with a massive buy opportunity. Maintaining the narrative unchanged will see UNI exploring levels of $58 following a 170% upswing.
Broad market sentiment can be vital in detecting UNI’s upcoming price movements. As analysts maintain a bullish stance for the crypto space, Uniswap’s path with fewer challenges is the rising one. Nevertheless, stay around for upcoming developments.