Uniswap Price Analysis Hints at Rally Beyond $10 as Buyers Break 6-Week Consolidation
Highlights
- An ascending support trendline in the daily chart carrier a mid-term recovery trend in Uniswap price.
- The UNI price jump above the trend-defining 100-and-200-day EMA indicates a positive change in the market sentiment.
- The 24-hour trading volume in the Uniswap token is $370.3 Million, indicating a 148% gain.
Uniswap Price Analysis: UNI, the native cryptocurrency of the decentralized trading protocol Uniwap witnessed a notable on Monday attributed to the market excitement of potential approval of first Spot Ethereum ETH. In the 24 hours, the UNI price is up 22% to currently trade at 9.34%. This upswing gave a decisive breakout from the resistance of a six-week correction, signaling a major change in market dynamics.
Also Read: Uniswap Introduces ERC-7683 Token Standard, UNI Enters Breakout Mode
UNI Token Soars with Market Recovery and Innovative Cross-Chain Standard
Along with the majority of major altcoins, Uniswap traded in a sideways trend since the completion of the fourth Bitcoin Halving. The UNI price resonating between $8.35 and $6.6 for the past six weeks creates a narrow range formation in the daily chart.
However, amid the recent market recovery, the Uniswasp coin showed a notable rally from $6.73 to $9.37 registering a weekly gain of nearly 40%. This upswing breached the overhead resistance of $8.35, releasing the build-up momentum for a higher rally.
Moreover, Uniswap Labs has introduced ERC-7683 in collaboration with Across Protocol, a new standard for cross-chain intents aimed at addressing blockchain fragmentation. This proposal features a universal filler network to facilitate seamless cross-chain transactions. Users can sign cross-chain orders managed by fillers, with funds escrowed until the transaction is completed.
A settlement contract ensures the secure and efficient finalization of transactions. This initiative aims to enhance interoperability across different blockchains, simplifying cross-chain interactions and advancing the DeFi ecosystem.
This development will increase the UNI token’s utility and trigger a natural growth in its market value.
If the UNI price sustains the $8.35 breakout, the buyers will have suitable support to drive a rally to $10.3, to $13.3.
Also Read: Crypto Price Prediction 21/5: Ethereum ETF Hype Fuels Major Market Rally
Technical Indicator
- Exponential Moving Average: The 50-and-200-day EMA slope at $8.35 creates strong support for buyers if the price reverts for a retest.
- Relative Strength Index: The notable higher lows (bullish divergence) in the daily RSI slope as it jumped above the 60% mark accentuates the surge in buying pressure from traders at $6.6 bottom.
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