Uniswap (UNI) Price Prediction: Decoding the Charts

Uniswap’s native token, UNI, has garnered attention with its recent price action. Over the past 48 hours, UNI has experienced a surge of more than 11%, displaying strong buying pressure and recovering its upward momentum.

At press time, UNI was valued at $13.63, having risen by over 2.30% in the last 24 hours. The token’s 50-day EMA provided support during the recent retracement, enabling Uniswap crypto to regain strength and propel higher.

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The market cap of UNI stood at $8.19 Billion, ranking 22nd in the overall crypto market. A sustained rebound above the $15 mark could pave the way toward the $20 level, potentially retesting the previous month’s higher trajectory.

Analyst Predicts a Potential Pump: Here’s What to Watch

Amidst the sharp recovery over the past 48 hours, crypto experts also shared their opinions. Javon Marks provided his analysis on X.

He highlighted that despite the market turnaround, Uniswap’s crypto price still holds bullish momentum. Moreover, its momentum looks bullish on the chart.

According to the analyst, $UNI could rise significantly as it broke out of a long-term descending trendline. Additionally, it surged by nearly +200% after its breakout and retest.

In line with the bullish trend, the follow-on rally was on the horizon. The altcoin may pump over 200% to reach $42 in the next sessions.

Uniswap Price Prediction: Decoding the Charts

A bullish outlook emerged for UNI as it returned above the 20-day EMA mark. Despite the broader crypto market showing uncertainty, the UNI price action signaled a bullish rally ahead.

It formed a double-bottom formation around the $12 support mark and showed a bounce this week. Once it clears the $15 resistance mark, a short covering rally toward the previous month’s high of $20 could be observed.

The Weekly Relative Strength Index (RSI) had a reading of 55, indicating a bullish outlook and having further room for upside ahead.

Furthermore, the On-Balance-Volume (OBV) curve stayed at the higher zones, revealing the increased accumulation by the market participants.

Notably, the UNI price took support on its midline of the middle Bollinger band. Moreover, the token re-entered the upper Bollinger band, which conveyed a sustained uptrend.

Key Insights from Derivatives Data: What Does it Suggest?

Data from Coinglass showed that the Open Interest (OI) increased by over 6.41% to $317 Million. This highlighted increased investor participation and long additions in the past 24 hours.

Also, the Long/Short ratio surged to 0.99, with 52.87% of long contracts compared to 47% of shorts, suggesting a bullish outlook.

Furthermore, the 24-hour liquidation amounted to $420K, with $240k in short liquidations and $173k in shorts. The larger short liquidations suggested that the recent price rebound caught over-leveraged short traders off-guard.

However, Uniswap crypto’s continued bullish momentum could further catalyze a sustained rally ahead. The immediate support zones were $12 and $10. At the same time, the resistance zones were $15 and $18.

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.