The price of Uniswap (UNI) has broken a three-year stagnation, moving out of a range and reaching new levels. Analysts suggest this may lead to substantial movements.
UNI Breaks Out After Long Stagnation
For almost three years, the price of UNI remained in a sideways range, oscillating between $3.50 and $8.00. Recently, this range has been breached, and the price is now around $10.80. Analyst Cryptoking indicates that such a breakout after prolonged accumulation may signal much larger changes ahead.
UNI Breakout Targets $20 First
The first target for UNI is near $19.89, which previously served as resistance in early 2022. Some projections indicate that if the price continues to rise, it could reach $70 particularly if the overall market enters a bullish altcoin cycle. UNI had previously reached $46 with a 721% increase in 2021, raising questions about whether this could happen again.
Key Levels to Watch
The $8 breakout level has now become a crucial support zone. If the price falls back and bounces from this level, it could confirm the breakout and bolster bulls' confidence. If not, the lower range around $3.50 remains long-term support. To maintain a bullish trend, UNI must stay above $8 and show strength as it approaches the $19–$20 zone.
The situation with UNI's price is attracting trader interest, and current levels will be critical for future movement. The breakout after a lengthy stagnation may foreshadow significant changes in the market.
