- Uniswap continues to consolidate beneath the Cloud, awaiting higher price moves soon.
- A move beyond the Cloud is likely to squeeze short-sellers.
- Though the new bullish strength, UNI’s downward risks remain.
Uniswap (UNI) has traded beneath the Cloud over the last 17 days. Nevertheless, the altcoin has not had any sturdy follow-through for a capitulation move to happen. That might warn short-sellers for a possible incoming bear trap.
Uniswap Breaking Short-Term Hurdles Mean a Surge to $45
For now, Uniswap has two resistance clusters that it should overpower to convert into a massive bullish market. The Senkou Span B and Kijun-Sen in the $23.00 – $23.50 area is Uniswap’s first hurdle. The Senkou Span B means it is the most challenging obstacle to overcome.
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Remember, Senkou Span B signifies the most vital resistance/support levels in the Ichimoku system. A close beyond Senkou Span B is a positive sign for market players that sentiment shifted to the buy-side quickly. Furthermore, it will mean an easy path for Uniswap to crack the 2nd resistance cluster.
The 2nd Uniswap resistance cluster stands at 38.2% FIB retracement and Senkou Span A (Cloud) top from $25.00 to $25.60. That way, UNI’s price requires a close above the $26.25 to satisfy the requirements by Bullish Ichimoku Breakout. If the altcoin confirms a breakout, UNI will experience a hassle-free journey rising higher to the target of $45.
Though the positive picture, plunging risks for Uniswap remain. The alt is highly bearish with a close under the Chikou Span and Cloud beneath the Cloud. Any fall under the $17.75 mark might translate to a flash crash towards the 100% FIB expansion level at $12.45.
While publishing these updates, Uniswap trades at $22.11 with slight notable gains. However, the overall market seems to battle to recover from recent downswings. At the same time, Bitcoin seemed to struggle since its latest price actions failed to overpower the hurdle at $58,000. At this publication, BTC deals with bearish moves at $56,879. If the leading crypto manages to rise high past $60,000, the overall market might see bullish strength. With that, altcoins, including UNI, will surge towards their targets.
