The cryptocurrency market is experiencing a surge, as Bitcoin (BTC) achieves a new all-time high of $75,000, driven by heightened optimism around the U.S. election. Early results show Donald Trump, a known crypto supporter, taking the lead, fueling broader market enthusiasm. In response, several altcoins have gained significant momentum, particularly Uniswap ($UNI ) and Cronos ( $CRO ), which have each seen impressive gains of over 25% in the past 24 hours following key technical breakouts. Below is a closer analysis of their technical setups and what could lie ahead.
Uniswap (UNI)
On the daily chart for $UNI, the token recently broke out of a descending channel that had constrained its price movement for several months. This breakout is noteworthy, as UNI had been trading within a pattern of lower highs, creating a buildup of tension and anticipation. The recent price surge pushed UNI above the $8.70 mark, surpassing a critical resistance level at $8.36, as indicated on the chart.
The next target for UNI appears to be around the $11.50 level, a price zone where traders may consider taking profits. For now, UNI has successfully broken through its resistance zone, and with sustained volume, the token may continue to approach this higher target. However, as with most breakouts, a short-term correction or a retest of the $8.36 support area could occur before any further upward movement.
Cronos ( #CRO )
$CRO has also posted strong gains, breaking through a long-standing descending resistance line that had been in place since early 2024. The price has pushed past the breakout point and is currently trading within a significant resistance zone. A breakout above $0.097 would signal a potential continuation toward the next target level around $0.1158.
Currently trading above the $0.086 level, CRO could experience a minor retracement to establish a more solid support base before continuing its upward trajectory. If market sentiment remains bullish, particularly with the ongoing positive election sentiment, CRO may hold above this level and target $0.1158 in the near term.
Outlook
Both UNI and CRO have experienced significant breakouts and rapid price gains. Given the strength of these moves, a short-term correction or consolidation may occur as the tokens establish new support levels. However, with the broader market sentiment remaining highly positive, particularly due to the pro-crypto stance surrounding Donald Trump’s election performance, further upside remains a distinct possibility.
If the bullish momentum continues, UNI and CRO could both sustain their upward trends, potentially reaching their respective targets in the short term. As always, traders should remain vigilant of potential corrections and manage their positions accordingly.
