The market valuation of Uniswap is expected to grow at a significant rate, so much so that it may get doubled.
Uniswap to Reverse from Bearish Trend
The price movement of UNI suggests that it has started forming a class bearish pattern. It shows that the price of UNI is now moving towards the reversal phase. If that happens, then the trading price of UNI may end up getting doubled. This will also result in doubling the market valuation of UNI.
The analysts are predicting that the trading price of UNI will eventually experience a 100% surge.
IH&S Setup of UNI
The technical analysis for UNI suggests that it has started moving towards the IH&S technical setup. It suggests that the price of UNI may soon break through the support level. It will allow UNI to move close to the resistance levels and then cross them.
The IH&S Setup may vanish the moment the price of UNI ends up crossing the particular support and resistance levels.
If the trading price of UNI comes close to the $5.71 level, it would mean that it is coming close to achieving a breakout to fully achieve the iH&S pattern scenario.
If the pattern continues, then the trading price of UNI may grow up to $9.78. This would mean that the price of UNI has managed to surge b 100% from the price it exhibited on June 2.
Longer-Timeframe Charts Tell a Different Story
A look at the longer-timeframe charts of UNI suggests that the digital asset will not be able to move as expected from the iH&S pattern.
Instead, UNI may end up facing a lot of resistance at $6. The particular level currently acts as the interim resistance for UNI and it is a constant pain for the investors. Only in the month of May, did the bulls form a rally to push UNI’s price higher three times.
However, each time the bulls attempted a rally, the bears ensured they were able to bring them down in the month of May. Therefore, the price of UNI was not able to cross the $6 mark.
If the price of UNI manages to push through the $6 mark, then the bulls may attempt and push its price over the first resistance level. At present, the first resistance level for UNI is worth $7.52 and this is the level where the price of UNI will be tested.
This will be a clear test for the bulls as they will have to exert a lot of force to push the bears out of the competition. If that happens, then the trading price of UNI may grow up to stronger levels.