As a seasoned crypto investor with years of experience in the market, I’ve witnessed my fair share of price fluctuations and market trends. The recent surge in Uniswap’s UNI token, up 22% in just 24 hours, has caught my attention.
Uniswap Price Analysis: UNI, the native cryptocurrency of the decentralized trading protocol Uniwap witnessed a notable on Monday attributed to the market excitement of potential approval of first Spot Ethereum ETH. In the 24 hours, the UNI price is up 22% to currently trade at 9.34%. This upswing gave a decisive breakout from the resistance of a six-week correction, signaling a major change in market dynamics.
UNI Token Soars with Market Recovery and Innovative Cross-Chain Standard
Uniswap, like most prominent altcoins, has exhibited a sideways trading pattern since the conclusion of Bitcoin‘s fourth halving. The UNI token has fluctuated between the prices of $8.35 and $6.6 over the past six weeks, resulting in a narrow range formation when observed on the daily chart.
Despite the market’s recent rebound, Uniswap’s coin price surged significantly from $6.73 to $9.37 within a week, representing a substantial gain of approximately 40%. This surge shattered the resistance level at $8.35, triggering a powerful momentum for further upward movement.
In addition, Uniswap Labs, in partnership with Across Protocol, has introduced ERC-7683 as a new standard for cross-chain interactions. Designed to tackle blockchain fragmentation, this proposal includes a universal filler network that simplifies the process of conducting transactions across different blockchains. Users can create and sign cross-chain orders managed by fillers, with funds securely held in escrow until the transaction is successfully completed.
A settlement contract guarantees the conclusive and streamlined completion of deals. This project intends to boost compatibility among various blockchains, making it easier for cross-chain exchanges and thereby fostering progress in the Decentralized Finance (DeFi) sector.
As an analyst, I would say that this development significantly enhances the usefulness of the UNI token, leading to a natural expansion in its market worth.
Should the UNI price successfully breach the $8.35 mark, purchasers will find a solid foundation for propelling a surge towards $10.3 and potentially even reaching $13.3.
Technical Indicator
- Exponential Moving Average: The 50-and-200-day EMA slope at $8.35 creates strong support for buyers if the price reverts for a retest.
- Relative Strength Index: The notable higher lows (bullish divergence) in the daily RSI slope as it jumped above the 60% mark accentuates the surge in buying pressure from traders at $6.6 bottom.
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2024-05-21 16:21