As a researcher with a background in cryptocurrency analysis, I find the recent price action of Uniswap (UNI) particularly intriguing. The past few weeks have seen an impressive rally for UNI, with its price surging from $6.7 to a current level of $11.39 – a growth of 69%. This uptrend has been accompanied by significant buying volume, as evidenced by the escape from a month-long accumulation phase and the formation of a higher low at $9.2.
As a researcher studying the crypto market, I’ve observed an intriguing development on Tuesday. Bitcoin‘s price surged by approximately 3%, pushing it above the significant threshold of $70,000. This bullish movement in the market was swiftly echoed in the altcoin sector, with Uniswap’s UNI token leading the charge among top assets. The price of UNI experienced a robust intraday increase of around 20%. This uptrend suggests that UNI may be poised for a breakout beyond its current resistance at $11.8, potentially fueling further growth in the process.
Can UNI Convert $11.8 Resistance to Support?
Over the past three weeks, the Uniswap token has experienced a significant surge in value. The price climbed from $6.7 to $11.39, representing a robust growth of 69%. This bullish trend interrupted a prolonged period of accumulation among crypto buyers, signaling a potential shift in market direction.
During the current market consolidation, the UNI coin price increase resulted in a new higher low being established at $9.2. This signifies a strong rebound point for buyers, as suggested by the formation of a local bottom at the 50% Fibonacci retracement level. This healthy retreat provides an opportunity for bullish momentum to regain strength.
The price of Bitcoin soaring above $70000 has caused a significant leap for UNI, bringing it close to breaking past the $11.8 mark. According to Coinglass’s latest statistics, UNiswap’s coin experienced a substantial liquidation amounting to approximately $510,800 today.
As an analyst, if the bullish trend continues, I would expect the $11.8 resistance level to potentially transform into support. Following a successful breakout, the market could surge towards the projected goal of $13.3. Subsequently, there is a possibility of reaching $17.
If the resistance at $11.8 continues to hold strong, there’s a possibility that the Uniswap price may reverse direction and move lower, initiating a new phase of sideways movement.
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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2024-06-05 00:31