UNI has rebounded from the $6.41 support level and is approaching key resistance at $6.91.
The price action indicates a potential breakout from a long-term descending channel.
Sustained movement above resistance may open the door for a 2x price move, pending confirmation.
UNI, the native cryptocurrency of Uniswap, is recovering well after a period of decline. UNI has a price of $6.81 as of the latest data which is a 6.3% increase.The token appears to have reclaimed a crucial support level after a retest in recent periods, and technical patterns now suggest a change in market direction.
In recent sessions, UNI successfully retested the $6.41 support level. This zone had earlier acted as a consolidation base during April and May, reinforcing its importance. The current bounce appears to be gaining strength, with the price edging closer to the $6.91 resistance mark. The move comes after UNI remained locked in a downward-sloping channel for several months, dating back to late 2023.
Breakout Prospects and Technical Implications
The descending trendline, which has contained UNI’s price since the November highs, now serves as a crucial barrier. Technical analysts report that the asset is pressing against this line, and a breakout above it could confirm a trend reversal.
https://twitter.com/WorldOfCharts1/status/1930133801809670233
Such a breakout, especially when accompanied by volume, might signal a medium-term bullish structure. If the price sustains above both the resistance and the upper trendline, the chart suggests potential for a substantial price expansion—possibly a doubling of current values, though that scenario remains contingent on wider market conditions and volume confirmation.
UNI Shows Strength, But Breakout Confirmation Still Needed
UNI is trading within a range of $6.41 to $6.91 in the last 24 hours. In this duration, it has also appreciated by 5.8% against Bitcoin and 5.2% against Ethereum, indicating relative strength with respect to the overall market. This performance may point to increased confidence in UNI’s technical setup. Still, whether the token can sustain this upward momentum will likely depend on overall market sentiment and available liquidity in the days ahead.
Even though UNI is looking stronger, people should keep their guard until the price moves above the falling trend line. Analysts and traders are expected to keep an eye out for more signs of a bullish shift happening.
The post UNI Nears Trend Reversal: Breakout Above $6.91 Could Trigger 2x Surge appears on Coin Futura. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
