The cryptocurrency market is experiencing a renewed upswing following recent volatility. Ethereum (ETH) briefly dipped below $4,320 but has since rebounded to around $4,600, positively impacting the sentiment of many altcoins, including Uniswap (UNI). ))
Today, UNI traded green and its current chart patterns suggest that more upside movement is on the horizon.
On the daily chart, UNI shows a potential bullish reversal pattern, known as a Bearish ABCD harmonic structure, although it’s important to note that these structures are often followed by a bullish continuation during the CD leg before reaching the projected reversal zone (PRZ).
The price action began with a rally from Point A ($8.68) to Point B, and then followed a correction into Point C near $9.57, where buyers re-entered the market. Since then, UNI has started climbing again and is now trading around $10.06, which signals early signs of CD leg expansion.
Another key factor is the 50-day moving average (MA) at $10.10. If this level breaks and holds above it could transform into a solid support base, further fueling upside momentum.
What’s Next for UNI?
If bulls maintain price action above the 50-day MA, continued upward movement from here could send UNI towards the Potential Reversal Zone (PRZ) near $13.17 — an upside of approximately +31% from its current level. However, to maintain this bullish setup, UNI needs to stay above Point C support ($9.57). A breakdown below this zone would weaken the harmonic structure and potentially delay further upside continuation.
The cryptocurrency market is experiencing positive sentiment improvements but remains fragile, so short-term volatility is expected. Despite the uncertainty, UNI’s technical outlook points toward continued gains before its next resistance test.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.