• 25 June, 2024
Market News

Uniswap’s UNI Token Gathers Steam, Aiming for a 15% Price Increase

Uniswap’s native cryptocurrency, UNI, has recently embarked on an impressive rally, breaking past the $6.00 and $6.20 resistance barriers. Now trading confidently above $6.50, the token has registered a 5% growth. This upward trend has caught the eye of both investors and traders, sparking conversations about a potential surge towards the $8.00 mark.

The recent price trends of UNI reveal a series of bullish indicators. A pivotal moment was the breach of a critical bearish trend line, providing resistance near $6.60. This breakout has infused the market with a renewed sense of optimism. Moreover, the token’s steady climb above the $6.75 resistance level further cements its upward trajectory, eyeing the next significant milestone at the $7.25 resistance.

Looking at the daily chart, UNI is exchanging hands at $6.82 as of the time of this writing. UNI has slightly increased by 0.51% in the past 24 hours, while the weekly gain remains above 10%. The bears and bulls have been battling throughout the session as the UNI forms higher highs and lower lowers. However, the bulls are currently in control as they seek to break the current resistance at $6.90.

UNI/USD 1-day chart, Source: CoinMarketCap

Positive technical indicators bolster UNI’s current position. The 4-hour MACD showcases growing bullish momentum, while the RSI stands firmly above 50, suggesting a strong market sentiment favoring the bulls. Combined with the token’s solid performance above the 100 simple moving average, these factors paint a promising picture for UNI’s near-term trajectory.

UNI/USD 4-hour chart, Source: TradingView

In 2023, Uniswap reinforced its position as a leading protocol in the Ethereum ecosystem. Processing a substantial volume of transactions and handling a significant amount of gas, the platform’s dominance in the DeFi space has been undeniable. This performance has been reflected in UNI’s price movement, notably with a 28% rise following the launch of new initiatives and expansions.

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