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Uniswap (UNI) To Rise Further? Key Harmonic Pattern Signals Potential Upside Move
By: coinsprobe|2025/05/09 01:30:02
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Date: Thu, May 08, 2025 | 04:48 PM GMTThe cryptocurrency market continues to build on its recent strength, with Ethereum (ETH) leading the charge. ETH has climbed more than 37% over the past month and is now trading near the $2050 mark — its highest level in months. This resurgence is also helping to lift sentiment across major altcoins, including Uniswap (UNI) which was lagging behind. Now, it looks ready to catch up.The token surged over 15% today, and a classic harmonic pattern on its chart is hinting that a short-term rebound might be around the corner.Source: CoinmarketcapHarmonic Pattern Signals More UpsideOn the daily chart, UNI is currently forming what appears to be a Bearish Gartley harmonic pattern — a technical formation often used to identify potential reversal zones when the final leg (CD) completes.Uniswap (UNI) Daily Chart//Coinsprobe (Source: Tradingview)The downtrend began around March 20, when UNI failed to stay above the $7.36 resistance level (marked as point X). From there, the price dropped over 38%, bottoming out near $4.55 on April 9 (point A).The AB leg retraced about 54.8% of the XA move — a textbook retracement for a valid Gartley. Then, after a strong retracement on the BC leg (~87.7%), UNI bounced again from the C point low near $4.74. Now, UNI is pushing higher and seems to be on track to complete the CD leg — heading toward the critical D point.What’s Next for UNI?If the Gartley harmonic pattern plays out as expected, UNI could rally to $6.75, which aligns with the 78.6% Fibonacci retracement of the initial XA leg. This would imply a potential 21.90% upside from its current price around $5.55.However, there’s more at stake. Should buyers manage to break above the $6.75 resistance, the price could revisit the previous swing high near $7.36 — opening the door for a 32%+ rally from today’s level.This upper target zone also aligns with the D point, typically a reversal or consolidation area in harmonic patterns. Therefore, traders should be cautious — while the momentum is bullish, some profit-taking may occur near that resistance band.Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
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