- The cryptocurrency market suffered significant losses in the last 24 hours, with Bitcoin dropping over 4% and Ethereum plunging 16% due to concerns over Donald Trump's tariff wars.
- Uniswap (UNI) fell over 15% to $9.03, currently retesting its symmetrical triangle breakout that occurred in November 2024 when it surged past $11.
- UNI is bouncing back from the $7.50 breakout trendline test, supported by the 200-day Simple Moving Average, which could reinforce bullish momentum.
- If the rebound continues, UNI could potentially retest its recent high of $19.44, representing a 110% gain from current levels.
Date: February 3, 2025 | 08:39 AM GMT
The cryptocurrency market has been hit hard in the last 24 hours, with Bitcoin (BTC) dropping over 4% and Ethereum (ETH) suffering a massive 16% decline. The primary reason behind this sell-off appears to be concerns over the ongoing tariff wars initiated by Donald Trump, which have triggered uncertainty among investors.
Amid this market turmoil, Uniswap (UNI) has also taken a significant hit, plunging over 15% to its current price of $9.03.
Retesting Its Symmetrical Triangle Breakout
On the weekly chart, Uniswap (UNI) made a major breakout in November 2024 from a long-standing symmetrical triangle pattern—a formation that had been developing since the last bull run in 2021.
The breakout was confirmed when UNI surged past the upper boundary of the triangle around $11, pushing its price to a local high of $19.44 before pulling back for a retest.
Currently, UNI has tested its breakout trendline near $7.50 and is now bouncing back from that level to current price of above $9, supported by the 200-day Simple Moving Average (SMA).
If buyers continue to step in at this key level, it could reinforce bullish momentum, potentially leading to further upside. A successful rebound from here could see UNI retest its recent high of $19.44, representing an impressive 110% potential gain from current levels.
Is a Bounceback Ahead?
The price action around this retest indicates that UNI could resume its bullish breakout, especially as it bounces off key support levels. However, the ongoing sell-off in BTC and ETH could play a crucial role in determining the next move.
Meanwhile, both BTC and ETH have managed to hold their key support levels today, hinting at a potential market-wide recovery. If Bitcoin and Ethereum stabilize, UNI may gain enough momentum to reclaim higher levels, possibly retesting its recent high of $19.44 in the coming weeks.
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