Date: Tue, May 06, 2025 | 04:30 AM GMT
The cryptocurrency market has seen a much-needed relief rally over the past couple of weeks after a rocky start to 2025. Ethereum (ETH), for example, had dropped 45% in the first quarter but has since bounced back, climbing 31% from its April 9 low. This fresh wave of bullish momentum is gradually spilling over into the broader altcoin market.
Following this trend, Uniswap (UNI) is showing early signs of a potential comeback after a sharp year-to-date correction. Down by over 62% since the start of this year, UNI may now be forming a key harmonic pattern that hints at a possible upside reversal in the coming days.
Potential Harmonic Pattern Signals Upside Move
On the daily chart, Uniswap appears to be shaping a Bearish Gartley harmonic pattern. This specific structure is known for marking potential reversal zones when its final leg completes. The formation started with a steep drop from the $7.33 range in mid-March to a low of $4.54 in early April.
After that, UNI bounced back strongly, hitting a local high of $6.10 before retracing again toward the $4.93 zone, where it currently trades.
This movement has carved out three of the four key legs of the Gartley pattern (X-A, A-B, and B-C), suggesting that if UNI can hold this $4.90 support level, it may be preparing to climb toward the D point of the pattern. That level would be around $6.73, marking a possible 35% upside from the current price.
What’s Next for UNI?
For this bullish scenario to play out, UNI needs to maintain support around the $4.90 mark and ideally build a higher low on increasing volume. A confirmed move above the recent pullback levels and through the $5.60 to $5.73 zone would further strengthen the bullish case. That zone includes both the 0.382 Fibonacci retracement level and the 50-day moving average, which currently acts as short-term resistance.
If Uniswap breaks through these technical hurdles and sentiment in the broader market continues to improve, the path toward the $6.73 target could become much more realistic. A successful breakout above that level could even pave the way for a retest of the $7.33 March high.
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