Uniswap: An Opportunity for a Breakout

30 Ara 2020

In this analysis, I take a look at Uniswap (UNI), and its probability of a breakout, using a technical approach.

This is not investment advice. This is for educational and entertainment purposes only. I am not responsible for the profits or loss generated from your investments. Trade and invest at your own risk.

Analysis
- To begin with, we can see that prices are forming higher lows near the ascending trend line support marked in blue
- The 0.236 Fibonacci retracement support has held
- Prices have consolidated within a inverse head and shoulder pattern, which will serve to be a continuation pattern
- A breakout through the neckline is anticipated, with a target near the 0.786 Fibonacci retracement resistance
- The Relative Strength Index (RSI) is at neutral levels, demonstrating strength, and potential for a breakout
- Both the Moving Average Convergence Divergence (MACD) and the Wave Trend Oscillator demonstrate increasing momentum and a golden cross

Conclusion
Considering that this particular altcoin is less negatively affected by Bitcoin's bullish movements, and that its technicals demonstrate a 60% upside, I believe that a breakout could be in play.

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