UNI is almost ready for a 100% surge, or a 45% fall. Technical analysis shows UNI's possibilities for a bull run that could result in doubling its price if it breaks the $6 resistance, or in a bitter drop if it fails to do so.
," the technical setup takes shape when the price forms three troughs in a row below a common support level , with the middle one deeper than the other two .checks all the boxes for forming an IH&S pattern, except the right shoulder. A retest of its neckline near $5.71 would form the right shoulder, increasing the possibility of an iH&S breakout scenario, as shown below.
That includes an interim resistance level of around $6 that has rejected UNI's price lower at least thrice since May. A successful break above the $6-level could have UNI face the February 2022 support of around $7.52 whose test preceded a 75% price rally to $12.48.23.UNI/USD 1-week candle chart. Source: Tradingview
Conversely, a decisive pullback from the $6-resistance level could trigger a result in a bearish technical setup, dubbed as a"bear flag."UNI has already been returning lower after testing levels around $6, which coincides with the flag's upper trendline. That leaves the UNI/USD pair two potential scenarios: decline toward the flag's lower trendline near $3.92, or rebound for a potential breakout above the upper trendline.UNI's move toward $3.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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