Uniswap: An Opportunity for a Breakout

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.

If you like this educational post, please make sure to like, and follow for more quality content!
If you have any questions or comments, feel free to comment below! :)