Uniswap Price Sets to Extend Recovery Leg With $14 Breakout, Enter Now?
Highlights
- A recent breakout from the $14 resistance sets the UNI price for a 28% jump.
- The oversold signals from technical indicators suggest the UNI price to witness a new pullback.
- The 24-hour trading volume in the Uniswap token is $1.1 Billion, indicating a 118% gain.
Uniswap Price: Amid a hyperactive bullish market phase, the Decentralized exchange Uniswap’s native token (UNI) enters the top performers list with a 19.28% intraday surge. The massive jump in the token’s valuations comes with the increased investor’s confidence with the new altcoin season. Thus, the breakout 2-year-long resistance indicates a pivotal trend reversal entry opportunity in Uniswap.
Also Read: UNI Price Soars 15% After This Key Proposal by Uniswap Foundation
What’s Ahead For UNI Price After 45% Weekly Surge
With the overall trend reversal leading to a bull market, the Uniswap price hits a new 52W high. With a surge in buying pressure, the UNI price has jumped 166% in the last four weeks.
The ongoing recovery rally ends the year’s long consolidation under a bearish banner. This reversal surpasses the psychological mark of $10 and marks a rounding reversal in the weekly chart.
A close-up analysis of the daily chart showcases a streak of bullish candles amidst the market recovery. The rising price has recently breached a key resistance of $14, offering another stepping stone for buyers to prolong the recovery trend.
Currently, the altcoin exchanges hands at $15.73 and may offer a minor pullback to $14 to display its sustainability at a higher price. With steady recovery, the UNI price should chase a potential target of $20, followed by $23.
Furthermore, the rounding bottom is a traditional reversal pattern, commonly at the maturity of a downtrend. The buyer’s recent escape from a long sideways trend indicates the Uniswap price is the beginning of a new uptrend.
Under the influence of the rounding bottom pattern, the UNI price may cause a potential target of $45.
Also Read: Bitcoin Vs. CBDC: VanEck Advisor Advocates BTC Adoption Amid BRICS Latest Move
Technical Indicator
- Exponential Moving Average: The fast-moving 20-day EMA acts as the first line of defense during the market correction.
- Average Directional Index: The daily ADX slope at 48% indicates the buyers leading an exhausted rally and may need a minor pullback to regain strength.
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