Uniswap Price Rebounds with 64.25% Increase in Open Interest: What’s Ahead?
Highlights
- As per the Coinmarketcap data, the global crypto market cap stands at $2.43 trillion, while the 24-hour trading volume is at $40.22 Billion.
- The UNI price breakout from the neckline of an inverted head and shoulder pattern signals a major trend reversal.
- The 24-hour trading volume in the Uniswap token is $193.7 Million, indicating a 48% loss.
Uniswap Price Analysis: The second week of June witnessed aggressive supply pressure with most of the major cryptocurrencies, along with Bitcoin, triggering a fresh correction. However, the weekend remained relatively stable with the BTC price holding its ground above $65000, while ETH reclaimed $3500. However, the native cryptocurrency of Uniswap decentralized exchange neglected the market volatility and recorded a 14.5% price growth to hit $11.5 today.
Also Read: Uniswap, Notcoin, and Algotech Catch Fire, Why are Investors Diving In These Altcoins?
Uniswap Price Recovery and ZKsync Integration Fuel Investor Optimism
The Uniswap token price entered the current recovery trend on May 15th as its last correction trend bottomed at $6.73. This bullish turnaround uplifted the asset by 77% within three weeks to reach a high of $11.96.
This upward trajectory has recently shifted sideways as broader market hints prolong consolidation within the BTC price dropped to $65000. The renewed supply pressure plunged the UNI price to $8.7 before it reverted immediately to indicate active accumulation during market dips.
Amidst the recent recovery, Uniswap’s open interest has notably surged, with Coinglass reporting a jump from $89.21 million on June 12 to $146.5 million. This increase of approximately 64.25% indicates growing investor interest and possibly signals expectations of upcoming price movements or heightened market activity in Uniswap.
Also Read: Uniswap (UNI) Price Gives Strong Breakout Above $10, How Far Will the Rally Continue?
In addition, Uniswap has recently integrated ZKsync into its platform. This update allows users to swap and provide liquidity on ZKsync directly through the Uniswap interface, benefiting from lower gas fees and faster transactions. This development should attract natural demand for the UNI token.
An analysis of the daily chart shows the Uniswap price developing an inverted head and shoulder pattern in the daily chart. This chart pattern spotted at the major market bottom indicates a sentiment shift by UNI token traders on the buyers’ side.
The Uniswap price currently trades at $11.5 teasing a breakout from the pattern’s neckline. The potential breakout could bolster buyers to surpass the $17.5 barrier and chase for $24.86.
Technical indicator
- BB Indicator: The squeezed range of Bollinger band indicators highlights current uncertainty in the market and the need for a sustainable breakout.
- Moving Average Convergence Divergence: A bullish crossover between the MACD (blue) and the signal (orange) line above the midline indicates the buyers remain the dominant hand in this asset.
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