Uniswap (UNI) Price Targets $18 Amid Breakout Speculation

Uniswap (UNI) price is showing signs of a potential bullish breakout as analysts identify a cup and handle pattern on its weekly chart.

UNI is currently trading at $13.69, with market watchers projecting mid-term targets of $28. Long-term targets of $32 is suggested if key resistance levels are breached. The cryptocurrency’s position within this pattern has attracted attention, signaling a possible rally in the coming weeks.

Uniswap (UNI) Price Weekly Chart: Cup and Handle Pattern

This bullish Cup and Handle pattern is now developing on the weekly chart of UNI. As noted by Rose Premium Signals, this pattern may indicate that a strong rebound may be expected soon.

If the upward trend continues, as predicted, UNI might rise to $28 in the mid-term and may possibly reach $32 in the long-term.

This has been well echoed by the traders because it shows that there are more and more people interested in using UNI and this token is considered as one of the leading tokens in the DeFi market.

The price action in the current consolidation phase suggests that UNI is about to have a strong movement, thus it is a key time for investors.

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UNI/USDT 4H Chart: Key Technical Levels

Uniswap (UNI) is trading in a symmetrical triangle. It might suggest the odds of a consolidation before a price breakout are high.

The token has experienced a relatively stable price fluctuation in the last 24 hours with its price oscillating between $13.42 and $13.71.

The Relative Strength Index (RSI), a momentum oscillator, is currently at 48.28, just below the middle line of 50. This put UNI in a neutral to slightly bearish momentum territory.

According to analysts, this breakout will only be bullish if the RSI crosses 50, which would indicate an increasing upward pressure. Such a move would probably come in tandem with UNI clearing its major resistance level at $14.

Uniswap Price Support and Resistance Levels

UNI is already supported at $13.50–$13.60, which is the bottom trendline of the symmetrical triangle. On the positive side, $13.90–$14.00 is the first major resistance level which caps the upper side of the triangle.

UNI may spike above the $14 resistance level with the possibility of rising to $15.50 according to analysts. The symmetrical triangle also indicates that if bullish pressure increases a target at $18.00 could be reached.

On the flipside, if the price fails to hold above the $13.50, it may slide down to $12.50 and if bearish pressure increases and RSI crosses down towards the 50 level.

Both of these levels are crucial for traders since a breakdown in either direction may set the next major trend for UNI.

Price Movements and Open Interest

The price of UNI has been rather volatile in the last few months, oscillating between $9 and $20.52. Stable OI levels with temporary fluctuations are indicative of a moderately prudent market condition. Traders are paying a lot of attention to these trends in the hope of finding a breakout.

The OI-Weighted Funding Rate stands at nearly 0 indicating that the market is comfortable with both long and short exposure.

Historically, funding rate spikes have always been noticed at the time of price changes which can signify a rally or a correction.

Volume increase towards early December and January could be seen as more participation in the market during the price movements. It indicates that the traders are still interested in the coin and are waiting for a breakout from the consolidation channel of UNI.

In addition, Uniswap (UNI) price stands third in the Top 10 decentralized finance coins by market capitalization. It has a market capitalization of $8.8 billion. This makes Uniswap stand out as among the key participants in the decentralized finance (DeFi) space.