Crypto analyst CryptoDoc analyzed Uniswap’s (UNI) trajectory in a tweet recently. According to CryptoDoc, UNI has broken above a long-standing downtrend line on its daily chart.
This breakout could signal a shift from bearish to bullish momentum. Breakouts like this often indicate the end of a downtrend and suggest that UNI may be ready to gain traction.
CryptoDoc projects a retest around the $7.3 to $8.3 range, where a “green box” marks a buy zone on the chart. If UNI revisits this level and finds support, this move could strengthen buyers’ confidence in an upward trend, setting the stage for the next target at $10.
Chart Analysis Series of the Projects in Top 100 $UNI 5.3B McapWe got a nice breakout. Most probably, we will get a retest on the Green Box( Buy Zone 1)Just in case, I have marked another buy zone.With ETH season coming up, UNI will be able to maintain the hype.My… pic.twitter.com/FcUSPnNhWS
— CryptoDoc (Gem Hunter ) (@cryptodoc_) November 8, 2024
UNI’s Key Levels and Buy Zones Identified
The analysis by CryptoDoc identifies two buy zones. The primary zone, or “Buy Zone 1,” falls between $7.3 and $8.3, highlighted as a potential area for a retest following the breakout.
Should UNI’s price retrace to this level, it could provide a strong support zone, encouraging buyers to enter positions before the price moves higher.
A secondary buy zone, marked near $6, serves as an alternative entry point for conservative buyers or those anticipating a deeper correction. This zone offers a fallback option if the primary buy zone does not hold.
CryptoDoc’s strategic marking of these levels provides investors with clear entry points should UNI experience a pullback before advancing further.
$10 Target Expected After Retest
After a potential retest within the primary buy zone, CryptoDoc expects UNI to move toward a $10 price target. According to the projection on the shared chart, UNI could curve upward following this retest, with the $10 mark as the near-term target.
This aligns with CryptoDoc’s forecast, which anticipates sustained bullish momentum if UNI remains supported by Ethereum-based sentiment during the anticipated “ETH season.”
Read also: Celestia’s Unlocks Absorbed Well – Will TIA Price Continue to Pump?
UNI’s Potential to Stay in Top 25 Amid Bullish Market Sentiment
CryptoDoc’s analysis further speculates that, with positive market conditions and ETH’s performance, UNI could retain a spot in the top 25 crypto assets by market cap during a bull market.
Currently positioned at number 21, UNI’s breakout and anticipated price action could bolster its standing among leading Ethereum-based tokens. The analyst’s bullish outlook suggests long-term confidence in UNI’s performance, especially with renewed interest in Ethereum-related projects.
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