The price of Bitcoin continues to struggle at $36,000, and its recovery from $34,800 was an important development. This recovery, which excites altcoin investors, could lead to new rallies. The native token of one of the most important protocols in the DeFi space is targeting new highs. A $10 target in the medium term may not be far-fetched.
The price of UNI Coin has been highly volatile for the past 1.5 years. Bulls have been fighting hard to maintain the $4 region since April 2022. The price faced rejection from the descending trendline in July and retreated to the $4 support zone. However, this week it reached $5.6 just below the critical resistance level of $5.9. At the time of writing, it is at $5.26.
When the descending resistance line that has been in place for 475 days and the $4 support converge, a descending triangle formation, known as a bearish pattern, is formed. This indicates that if Bitcoin fails to target the $38,000 region again, it could undergo a deeper correction.
So, what did popular cryptocurrency experts say about the price? DaveCryptosNews is confident that the support at $4.6 will hold strong. GlobeOfcrypto1 shared their expectations for an upward breakout from a long-term formation, stating that the price could reach up to $18 if their expectations are met.
Analyst CryptoUsmaan wrote:
“UNI is on the verge of a breakout. Our significant support is at $4.85 (200 Daily MA), and we should see a good bounce. If the price reaches this zone, it could be an opportunity for a long entry.”
Looking at the weekly chart, the likelihood of a long-term breakout is evident. The price, which has escaped from the descending resistance line from the ATH region, confirms this as support. It should not be surprising if a bounce occurs from here.
While the price is falling, the RSI on the weekly chart remains strong, creating bullish divergence. In a possible bullish scenario, the first target could be $7.5 with a 40% increase. Then, a rally extending to 130% could make $12 possible.
If buyers fail to hold strong and the price of BTC enters a deeper search for a bottom, UNI Coin could retreat to the $4 support.