Markets
UNI token will surpass $15 amid market recovery
Uniswap Price Analysis: On Tuesday, the crypto market witnessed a notable rise as Bitcoin Price jumped 3% to surpass the $70,000 threshold. The altcoin market was quick to catch up with the token from the largest Ethereum-based decentralized exchange, Uniswap, emerging as the biggest gainer among the top assets. With a 20% intraday jump, UNI price triggers a breakout of $11.8 resistance to drive further growth.
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Can UNI Convert $11.8 Resistance into Support?
Uniswap Price Analysis | Trading view
The last three weeks have been remarkably bullish for the Uniswap token showing a price increase from US$6.7 to US$11.39, registering a growth of 69%. Amid this recovery, cryptocurrency buyers managed to escape a month-long accumulation, signaling a major trend reversal.
The rising UNI coin price also managed to reach a higher low of $9.2 amid recent market consolidation. This formation of a local bottom at the 50% Fibonacci retracement indicates a healthy pullback for buyers to regain bullish momentum.
With the price of Bitcoin surpassing $70,000, the UNI the price jumped dramatically to trigger a breakout of $11.8. According to recent data from Coinglass, Uniswap coin witnessed a long sell-off of $510.8K today.
If the bullish momentum persists, buyers could turn the $11.8 resistance into potential support. The post-breakout recovery could chase the potential target of $13.3, followed by $17.
On the other hand, if resistance at $11.8 persists, the Uniswap Price may reverse downwards, entering a new consolidation trend.
Read too: Crypto Forecast: Ethereum Price at Risk of Losing $3,500 Support, End of Road for Bulls?
Technical indicator
- BB Indicator: A rise in the upper limit of the Bollinger Band indicator encourages buyers to regain momentum.
- Average Directional Index: ADX’s rising slope at 29% suggests that the recovery is still strong and not approaching exhaustion, indicating that buyers could drive an extended recovery.
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