- Uniswap price has risen by 15% since the start of the new year.
- The next target zone for UNI lies 12% above the current market value.
- A breach below $5 would invalidate the uptrend potential.
Uniswap price is worth keeping on investors’ watch lists if they are looking for a swing trade. The bullish cues displayed as of late could be the start of a much larger move. Day traders may also find profitable opportunities within the trend.
Uniswap price poised for gains
Uniswap price rose by 15% since January 1, establishing a pivot high at $5.96 before profit-taking traders and bears entered the market. As the price consolidates, the next move for the UNI token could define the trend for weeks to come.
Uniswap price currently auctions at $5.63. Throughout 2022, the UNI price ricocheted back and forth between the boundaries of a descending parallel channel. On December 28, the bulls subtly crossed back over the parallel channels’ median line on the daily time zone. The hurdle was a bullish cue for classical technical analysis technicians to go long and the catalyst for the 15% spike witnessed recently.
If the market is genuinely bullish, the next target will be the upper bounds of the parallel channel and potentially a breakout past the barrier. The first target creates the potential for a 12% upswing from the current Uniswap price. If bulls can sustain momentum near the first target zone at around $6.30, UNI would present a swing trade opportunity targeting $10 at some point in 2023.
UNI/USDT 1-day chart
The short-term target has an invalidation point below the 8-day exponential moving average (EMA), currently priced at $5.58. The longer-term swing trade idea targeting $10 depends on the median line of the parallel channel remaining untagged. Currently, the uptrend’s invalidation point is priced at $5.