Uniswap Price Targets Soar to $42 as Bulls Eye 351% Surge Post Trendline Break

• Uniswap’s breakout above $8-$10 resistance signals bullish momentum, with analysts eyeing $15-$20 next.
• Analyst predicts a 351% rally for $UNI, targeting $42.68 amid strong recovery and trendline breakout.
• Short-term overbought RSI at 83.52 suggests caution; pullback to $8 support zone could reignite bullish buying.

Uniswap ($UNI) has the potential for a breakout, says analyst JavonTM1, who estimates a target 351% above current levels, aiming at $42.68. He highlights a shift in market sentiment with notable movements following a prolonged downtrend. Uniswap’s price action and technical indicators, points to the possibility of a renewed bullish phase if key resistance and support levels are breached.

Key Levels and Breakout Potential

Uniswap has seen a steady recovery since its sharp decline from its all-time highs around the $45-$50 range in late 2021. A downtrend kept prices low until mid-2023, when a breakout above a long-standing trendline marked a shift. 

The price surged back to the $8-$10 range, indicating a shift in momentum. With support levels firmly holding around $3-$5, the $8-$10 range is emerging as a critical resistance zone. Current market consolidation in this range suggests traders are weighing bullish and bearish scenarios.

Volume, Momentum, and Future Levels

Volume and momentum indicators point to renewed buying pressure following the trendline breakout. While exact volume data is available, the breakout coincides with increased interest, signaling a bullish outlook. 

The breakout around the $8-$10 resistance is a crucial marker; if Uniswap clears this level, intermediate targets of $15-$20 may be within reach. The potential return to its $42 all-time high would signify a full market recovery, attracting more interest.

Short-Term Trends and Technical Indicators

On a shorter timeframe, Uniswap’s price is pushing above the 50-EMA and 200-EMA, reinforcing bullish momentum. A golden cross between these moving averages adds to the positive outlook. However, the current Relative Strength Index (RSI) reading of 83.52 suggests caution, as this overbought level typically indicates a potential pullback.

Resistance in the $9.20-$9.50 range presents a key test. Any sustained move above $9 could open the door to $10-$11. Should prices consolidate, a dip back to the $8-$8.20 support zone may provide an opportunity for renewed buying momentum.