- UNIUSDT is currently in a consolidation phase, displaying a Horizontal Channel Pattern
- Setting an entry point at $4.435 and targeting $5.10
Uniswap (UNI) has entered a consolidation phase, displaying a Horizontal Channel Pattern within the price range of $4.245 and $4.656. This pattern shows a period of price consolidation and suggests that UNIUSDT is currently trading within a specific range.
Additionally, the presence of a Wyckoff structure adds further indicators to the trade setup. Traders and investors are now looking for a potential breakout from this consolidation, which could provide trading opportunities.
According to CoinMarketCap, the UNI is trading at $4.56, with a 24-hour trading volume of $47.5M, at the time of writing.
UNI/USDT Price Chart (Source: TradingView)
UNIUSDT Price Analysis: Consolidation Phase Points to Potential Breakout Opportunity
Traders and investors can consider the following trade setup based on technical analysis:
Entry: Using the Smart Money Concept, the identified entry spot for this trade setup is $4.435. This level represents an opportune moment to enter a long position, anticipate a potential breakout from the Horizontal Channel Pattern. The Smart Money Concept involves aligning with institutional or well-inform market participants to potentially benefit from their actions.
Target: The target for this trade setup is set at $5.10, offering a favorable upside potential from the breakout level. This target represents the expected price movement after the breakout occurs. Traders should adjust their targets based on their risk tolerance and market conditions.
Stop Loss: To effectively manage risk, it is required to set a stop loss at $4.425. Placing the stop loss slightly below the entry spot helps protect against potential downside movements and minimizes potential losses.
All-in-all, It is essential for traders to manage risk by implementing a stop loss at $4.425. As with any investment decision, conducting thorough analysis and staying updated with market conditions remain crucial factors for successful trading in UNIUSDT.
Disclaimer: Any information contained in this article is not proposed to be and doesn’t constitute financial advice, investment advice, trading advice, or any other advice. The NewsCrypto is not responsible to anyone for any decision made or action taken in conjunction with the information and/or statements in this article.
