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The Uniswap price appears to be recovering nicely after a disappointing performance at the beginning of the year. The DeFi token rallied past the $10 mark in the final hours of Friday, February 14, reflecting the improving climate of the general crypto market.
Uniswap Price Jumps 10% In The Past Week
The UNI token was one of the beneficiaries of the bullish momentum that shook the market on Friday evening. As of this writing, the price of Uniswap stands at around $10.18, reflecting an over 3% increase in the past 24 hours.
This single-day action pushed the Uniswap price performance in the last week to double digits; a nearly 11% climb according to data from CoinGecko. While things seem to be looking up for the altcoin, its performance on broader timeframes is still something to worry about.
Due primarily to the recent drop beneath the $8 level, the price of UNI is down by almost 15% in the last two weeks and 30% in the past month. However, the Uniswap price appears to be gearing for a bullish breakout over the next few days.
Here’s How UNI Price Could Reach $13
In a February 14 post on the X platform, popular crypto analyst Ali Martinez put forward an exciting bullish outlook for the price of UNISWAP over the coming days. According to the crypto pundit, the DeFi coin could travel as high as $13 following the potential bullish breakout.
The rationale behind this optimistic prediction is the formation of the Adam & Eve pattern on UNI’s hourly price chart. The Adam & Eve pattern is a technical analysis formation characterized by two distinct troughs (price swing lows).
The first depression, Adam, is a sharp V-shaped dip, while the second trough, Eve, is marked by a more rounded, U-shaped bottom. This price formation is often a reversal indicator, suggesting a potential shift in market sentiment from bearish to bullish.
However, it is most crucial after identifying an Adam and Eve pattern to wait for the confirmation of a bullish breakout. The bullish setup is validated once the asset’s price breaches and successfully closes above its highest high.
In UNI’s current situation — as shown in the highlighted chart, the significant level to confirm the bullish breakout is around the $10.1 mark. According to Martinez, a successful close above this level could set the stage for a Uniswap price rally to $13 — about 30% from the current price point.
