Uniswap’s native token, UNI, is also gathering steam as the technical charts are indicating a potential change in the overall trend of the token. After facing consistent pressure from the bears for quite a long time, the recent market performance is causing speculations about entering the next phase of a recovery.

Analyst Commentary Brings UNI Back Into Focus

UNI was recently picked out as one of the altcoins to keep an eye on in the coming months by crypto analyst Lucky (@LLuciano_BTC), who drew attention to the improved charting. The tweet about the analyst’s article got a lot of views on Twitter.

This opinion was shared by another trader in the comments, who believed that the conditions on the market were soon to be ripe for a significant push upwards.

Also Read:Uniswap Burns 100 Million UNI Tokens Following Historic Governance Vote

Chart Signals Potential Trend Shift

As per the collaborative chart, UNI indicates it has finished a long downtrend process and is currently trying to create a new higher low range. Market movements indicate a breakout from a descending channel, along with a period above a significant demand area.

Source: LLuciano_BTC

The region has been identified as a significant accumulation area in the past, and the capability to stay above it may signal that the sell pressure is decreasing. Analysts consider these patterns as signs that point to a reversal in a trend, especially when coupled with successful re-tests of the breakout point.

Breakout Levels and Upside Structure

The chart signals a breakout in the recent consolidation phase, with Uniswap attempting to move on from its correction phase to enter its new phase of uptrend. If this continues, predictions might foresee further upside.

What the chart forecast is projecting is that the movement is trending towards more resistant areas, and as such, UNI could see sustained momentum if market conditions are supportive.

Market Context Remains a Key Factor

Even with the improving technical indicators, the overall outlook for Uniswap is still heavily linked with overall market trends. The stability of the price of bitcoin and the overall performance of the altcoins market will definitely have an impact on whether a full reversal in the trends or a range-bound performance is achieved. Traders are also keeping an eye on volume action for confirmation.

Also Read: Uniswap Passes Unification Proposal, Approves 100 Million UNI Burn

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