With the short-term broader market recovery, the UNI token price shows an intraday reversal that could lead to a bigger trend reversal. As the hopes of a domino effect for a bull run in the coming weeks, the sideline traders anticipate a breakout.
Will the short-term reversal and the potential market recovery ignite a massive price jump in Uniswap? So, will the UNI price prediction of $25 in 2024 hold true?
UNI Price Performance
Tradingview
With the jump of 12.23%, the UNI price trend shows an overnight reversal, revealing a sudden surge in inflow. Currently, the altcoin trades at $9.841 with an intraday pullback of 2.19%.
In the daily chart, the Uniswap price sustains above the 50D EMA but loses the $10 psychological mark. Further, the bullish engulfing candle fails to overpower the 13.19% drop a day prior.
In the weekly chart, Uniswap showcases a long-coming resistance trendline, keeping the bullish growth under check. Currently, the UNI price shows a potential morning star forming at the 50W EMA.
This pattern is generally known for resulting in a bullish reversal and could increase the chances of a trendline breakout.
Technical Indicators:
MACD indicator: The MACD and signal lines in the weekly chart are preparing for a bullish crossover, bolstering the breakout chances.
EMA: The bullish trend in the 50D and 200D EMA sustains the positive outlook for the altcoin and continues to provide dynamic support.
Will Uniswap Cross Above $13?
As per the Fibonacci levels, the Uniswap struggles to reach the 23.60% level at $13. Hence, the recovery rally must surpass the trendline and the Fibonacci level to ensure a long-term uptrend. Upon breakout, the rise in demand with a trend reversal could pump the UNI price to reach $23.23 or the 50% Fibonacci level.
Conversely, if the price drops, then a retest of $7.921 is possible.
