Uniswap Price Analysis: Exploring Recent Bullish Trends

Uniswap Price Analysis: Exploring Recent Bullish Trends

In the recent surge of Uniswap (UNI) from $6.7 to $11.39, marking a remarkable 69% increase, the cryptocurrency market has been ablaze. This surge, occurring alongside Bitcoin’s climb over $70,000, has positioned UNI for potential highs of $13.3 and $17, with a significant moment at the $11.8 resistance level.

On Tuesday, the crypto market experienced a notable uptick, with Bitcoin’s price soaring 3% to surpass the $70,000 threshold. Following suit, the altcoin market witnessed a swift response, with Uniswap’s token emerging as the top gainer among major assets. With an impressive 20% intraday surge, the UNI price hinted at a breakthrough from the $11.8 resistance, paving the way for further growth.

The past three weeks have been particularly bullish for the Uniswap token, showcasing a price rally from $6.7 to $11.39, marking a substantial 69% growth. This rally has allowed crypto buyers to break free from a month-long accumulation phase, signaling a significant trend reversal.

Additionally, amidst the recent market consolidation, the rising UNI coin price managed to establish a higher low at $9.2. This formation of a local bottom at the 50% Fibonacci retracement level indicates a healthy retracement, providing buyers with an opportunity to regain bullish momentum.

With Bitcoin’s price surging past $70,000, the UNI price experienced a dramatic jump, teasing a breakout from the $11.8 resistance. According to recent data from Coinglass, Uniswap coin witnessed a long liquidation of $510.8k today.

If the current bullish momentum persists, buyers may successfully turn the $11.8 resistance into potential support. This post-breakout rally could target potential highs of $13.3, followed by $17.

However, in the event that the resistance at $11.8 proves resilient, the Uniswap price may retract, potentially entering a new consolidation phase.

Technical Indicators

Bollinger Band (BB) Indicator: An uptick in the upper boundary of the Bollinger Band indicator emphasizes buyers’ efforts to regain momentum.

Average Directional Index (ADX): The rising slope of the ADX at 29% suggests that the recovery remains robust and is not approaching exhaustion, indicating the potential for buyers to sustain a prolonged rally.