Uniswap (UNI) Reaches $10.60 Amid Speculation of New Layer-2 Support

UNI, the native token of the decentralized exchange Uniswap, has soared by 9%, becoming the top gainer in the crypto market today.

The price of Uniswap (UNI) has increased by 9% during the European session, making it the top gainer in the crypto market. Currently, UNI is trading at $10.60, reflecting an 8.05% increase in the past 24 hours.

The UNI/USD market is showing bullish signs as the bulls are attempting to move above the 9-day and 21-day moving averages. The $10.0 support level is playing a crucial role in keeping the price up as the coin touched this level today. Earlier, the Uniswap price trades around this level before making an upward movement, making the support level a strong support zone.

Uniswap Price Prediction: Upward Movement Likely if Bulls Defend $10.0 Level

The Uniswap price is bound to rise more if the bulls can defend the $10.0 level; the coin may continue its upward movement by breaking above the 21-day moving average after keeping the price above the 9-day moving average. Therefore, any further bullish movement may take the coin to the potential resistance levels of $14.0, $15.0, and $16.0.

However, as revealed by the daily chart, the current prediction may be invalidated should the bears break below the $10.0 level, and the Uniswap price may fall to the low of $7.0, $6.0, and $5.0 support levels. Moreover, the 21-day MA is seen staying above the 9-day MA, suggesting more bullish movements.

UNI/BTC Could Move Bullishly

Against Bitcoin, the Uniswap price is currently trading above the 9-day and 21-day moving averages. However, the bulls may need to increase the buying pressure so that the market price could touch the nearest resistance of 1800 SAT.

Therefore, if the buyers could push the price above the upper boundary of the channel, higher resistance could be found at 2100 and above. Moreover, should the bulls fail to move it upward, then, the nearest support level could be located at 1100 SAT and below. Moreover, the 21-day MA is seen hovering above the 9-day MA, which indicates that buyers may dominate the market.

On that note, @BabyyBlockChain informed her followers on X (formerly Twitter) that $UNI has broken out of its downtrend channel ?, anticipating further upward movement toward the upper resistance zone.

$UNI a breakout from the downtrend channel ?

Expecting further upward movement towards the upper resistance zone

Lessgo bois ? #CryptoAnalysis #Bullish pic.twitter.com/Y7wTpzZGyT

— Blockchain Babe (@BabyyBlockChain) June 14, 2024

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