Uniswap Price Analysis: Will UNI Token Surpass $15 Amid Market Recovery?
Highlights
- As per the Coinmarketcap data, the global crypto market cap stands at $2.61 trillion, while the 24-hour trading volume is at $82.32 Billion.
- A rejection wick at $11.8 registering indicates the sellers continue to defend this resistance.
- The 24-hour trading volume in the Uniswap token is $370.3 Million, indicating a 148% gain.
Uniswap Price Analysis: On Tuesday, the crypto market witnessed a notable uptick as Bitcoin price jumped 3% to surpass the $70000 threshold. The altcoin market was quick to follow up with the token of the largest Ethereum-based decentralized exchange Uniswap emerged as the highest gainer among top assets. With a 20% intraday jump, the UNI price teases a breakout from $11.8 resistance to bolster further growth.
Also Read: Bitcoin ETF Inflows Propel BlackRock, Fidelity, Invesco Into Top 10 ETF Issuers List
Can UNI Convert $11.8 Resistance to Support?
The last three weeks have been notably bullish for the Uniswap token showcasing a price rally from $6.7 to $11.39, registering a growth of 69%. Amid this rally, the crypto buyers managed to escape a month-long accumulation signaling a major trend reversal.
The rising UNI coin price also managed to develop a higher low at $9.2 Amid the recent market consolidation. This formation of a local bottom at 50% Fibonacci retracement indicates a healthy retracement for buyers to regain bullish momentum.
With Bitcoin price surging past $70000, the UNI price jumped dramatically to tease a breakout from $11.8. As per recent data from Coinglass, the Uniswap coin witnessed a long liquidation of $510.8k today.
If the bullish momentum persists, the buyers could flip the $11.8 resistance into potential support. The post-breakout rally could chase the potential target of $13.3, followed by $17.
On a contrary note, if the resistance at $11.8 persists, the Uniswap price could revert lower, entering a fresh consolidation trend.
Also Read: Crypto Prediction: Ethereum Price Risks Losing $3,500 Support, End Of The Road For Bulls?
Technical indicator
- BB Indicator: An uptick in the upper boundary of the Bollinger Band indicator accentuates the buyers to regain their momentum.
- Average Directional Index: The rising ADX slope at 29% suggests that the recovery is still strong and not nearing exhaustion, indicating that buyers may drive a prolonged rally.
- Cardano Gets 100 Million User Exposure With Brave Integration, Whales Scoop 70M ADA
- Japanese Gaming Firm Gumi to Boost Treasury With BTC, XRP After $38M Raise
- BNB Leads Crypto Market Rally With Fresh All-Time High, Expert Sees $5000 Upside
- Billionaire Ray Dalio Calls Bitcoin “Alternative Money” as BTC Profit-Taking Tops $3.7B Amid $120K Rally
- Canary Litecoin ETF Delayed Due to Government Shutdown, What’s Next?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
