Uniswap (UNI) Price Makes a Strong Breakout Above $10, How Long Will the Rise Continue?
Despite strong consolidation in the broader crypto market, uniswap‘s native cryptocurrency UNI has made a strong debut above $10. Uniswap price is trading at $10.68, up 8.8% today, with a market cap of $6.4 billion. However, the daily transaction volume of UNI coin decreased by 25% to $262 million.
UNI Coin Forms a Golden Cross on Charts
In technical chart formations, Uniswap continues to show strength by forming a bullish golden cross formation. A Golden Cross occurs when the 50-day moving average crosses the 200-day moving average. Recent price movements show that Uniswap price has made a strong recovery from the lows.
Courtesy: Trading View
This shows that UNI coin is bullish in the short term and expects more gains from now on. On the other hand, Uniswap RSI is currently around 52.68. This shows that the altcoin is neither overbought nor oversold, leaving investors additional room for potential price movements without any immediate selling pressure.
Additionally, the majority of existing Uniswap holders is at 51%, which will encourage them to wait a while longer before continuing to book profits.
Will Uniswap Price Rise Continue?
Currently Uniswap price is moving in a channel pattern. Therefore, if the broader crypto market gains momentum, UNI coin price could extend its rise to 13.15 levels, the upper resistance of the channel pattern, by next week. If it breaks the resistance, it could rally to $15 and then to $20.
On the other hand, if the trend reverses, Uniswap will lose momentum and test the support at $9.90. Later, if the bears continue to dominate the space, UNI coin could drop further to the $8.40 level this month.
Earlier this week, Uniswap Labs acquired popular blockchain-based game Crypto: The Game (CTG), in line with its vision of making blockchain interactions enjoyable and accessible. This partnership will focus on advancing CTG’s upcoming third season and delivering new interactive crypto experiences.
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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