{"id":11922,"date":"2022-06-29T18:28:06","date_gmt":"2022-06-29T18:28:06","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/uniswap-analysis-uni-price-can-double-based-on-a-classic-technical-pattern\/"},"modified":"2022-06-29T18:28:08","modified_gmt":"2022-06-29T18:28:08","slug":"uniswap-analysis-uni-price-can-double-based-on-a-classic-technical-pattern","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/uniswap-analysis-uni-price-can-double-based-on-a-classic-technical-pattern\/","title":{"rendered":"Uniswap analysis: UNI price can double based on a classic technical pattern"},"content":{"rendered":"
Uniswap (UNI) market valuation could grow by 100% in the second half of 2022 as it paints a classic bearish reversal pattern.<\/p>\n
Dubbed “inverse head and shoulders (IH&S),” the technical setup takes shape when the price forms three troughs in a row below a common support level (neckline), with the middle one (head) deeper than the other two (shoulders). <\/p>\n
Additionally, it resolves after the price breaks above the support level.<\/p>\n
The\u00a0UNI price trend since May 23 checks all the boxes for forming an IH&S pattern, except the right shoulder. A retest of its neckline near $5.71 would form the right shoulder, increasing the possibility of an iH&S breakout scenario, as shown below.<\/p>\n