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.
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