Uniswap price likely to drop 45% by September despite Robinhood listing

Robinhood listing has brought UNI some of its recent gains, but it doesn't guarantee an extended bull run.

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The latest Uniswap (UNI) chart pattern suggests investors should brace for a correction after gaining nearly 20% over the past week.

A 45% UNI price crash coming?

UNI's price has been trending higher since mid-June inside what appears to be an "ascending wedge", which mainstream analysts view as a bearish reversal pattern due to its history of rising. incentive for bulls to buy false bounces.

Therefore, bullish wedges resolve after prices break below the lower trendline. Traders typically calculate the downside target of a rising wedge by subtracting the distance between its upper and lower trendline from the breakout point.

Daily UNI/USD price chart setup in corner. Source: TradingView

This puts UNI's downside target at $3.8 by September 2022, down 45% from today's price if the breakdown starts around $6.52. However, the target would move higher to $4.65 if the breakout originated from the top, i.e. where the wedge trendlines converge, resulting in a 32.25% decline from the high. today's price

Interestingly, a rising wedge also formed between February and April. The trend led to a 65% rally, with a broader 70% price drop that took UNI's value to $3.56 per unit from around $12.50.

UNI Price Bullish Catalysts

At the same time, Uniswap also painted an inverted head and shoulders (IH&S) pattern with an upside target around $9.50, up 40% from current price levels.

UNI/USD daily price chart with configuration IH&S. Source: TradingView

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