As a seasoned analyst with over two decades of experience in the financial markets, I have seen countless bull runs and corrections. The current rally in Uniswap (UNI) is reminiscent of some of the most impressive uptrends I’ve witnessed.
The price of Uniswap is about to surge by approximately 32%, following its breakthrough of a significant resistance level and escape from a six-month long correction period. On November 6, the UNI token reached $9.45, marking its highest point since June 27.
Uniswap Price Poised for 30% Rally After Exiting Prolonged Correction
Uniswap, the leading decentralized exchange platform, has persisted in its robust upward trend, staying within a vigorous bull market. Since its August lows, it has surged by an impressive 96%, prompting predictions that this bullish momentum will carry on.
In an X post, a crypto analyst estimated that the coin would rise to $17, which would imply an 83% surge from the current levels.
A different expert anticipates the value of the coin could increase by anywhere from 100% to 120%, pointing towards a possible surge beyond the symmetrical triangle visible in the daily graph, suggesting a potential breakout.
The recent increase in Uniswap’s price is attributed to a shift in cryptocurrency market sentiment following Donald Trump’s victory in the closely contested election.
In the past week, Uniswap’s trading volume has significantly increased to reach an impressive $12.16 billion, surpassing Raydium, which was the leading decentralized exchange (DEX) network for the previous month with a volume of around $7.8 billion during the same period, according to DeFi Llama. This shows that Uniswap is gaining more traction in the DEX market.
The increase in UNI’s price occurred at the same time as a significant rise in its futures open interest, which peaked at over $169 million, marking its highest point in the past seven months.
UNI Chart Analysis Hints Key Breakout
As a crypto investor, I noticed an intriguing turnaround in the price of Uniswap following the formation of a spinning bottom candlestick pattern on November 4th. This unique pattern, which sports a tiny body with minuscule upper and lower shadows, is often seen as a potential reversal signal.
UNI consistently stays above the “green zone” of the SuperTrend Indicator. Additionally, the significant resistance level at $8.61 has now transformed into a support level. This is noteworthy because this price point was the peak reached on October 22, marking a crucial turning point.
It has also jumped above the upper side of the ascending channel that connects the highest swings since Aug. 21.
Consequently, if the price surpasses the psychological barrier of $10, it could suggest a possibility for gains up to $12, marking its peak from June. This upward movement would represent a 30% increase compared to the current position.
If the UNI cryptocurrency price dips beneath the $7.50 mark, which is the bottom of the channel, this bullish stance would be rendered invalid. This could potentially lead to a drop in the coin’s value down to $4.7, its lowest point seen in August.
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2024-11-06 21:17