Over the past day, UNI’s price increased by 17%, making it one of the best-performing cryptos at the moment. It is currently trading at $18.34 after the price surpassed key levels, and the speculation is if it shall rise as high as $50.
Also, the recent price movement of UNI is more of a rebound, considering it had been on a downtrend for sometime earlier on. For months, the token was constrained by a descending trendline that kept prices subdued.
This trendline, stretching from March to early November, reflected consistent lower highs and lower lows, signaling bearish momentum. However, a breakout occurred in November, with UNI’s price closing above this trendline.
Following the breakout, UNI’s price successfully retested the $8.15 support level, validating its upward shift. This conviction together with consistent buying pressure confirms the onset of a bullish cycle for the token.
What you'll learn 👉
Key Support and Resistance Levels
Two significant price zones have shaped UNI’s recent price movements. The $8.15 level served as strong support throughout the consolidation phase earlier this year, where buyers consistently prevented further declines.
On the upside, the $16.00 mark, previously a major resistance, was finally breached in December. This breakout above $16.00 has driven UNI’s bullish momentum, with the token currently trading at $18.34.
Market participants are now eyeing the next resistance level, which lies near previous highs above $20. If UNI maintains its current momentum, analysts suggest the token could aim for higher targets, potentially approaching $50.
Read Also: How Much Will 25,000 Stellar (XLM) Tokens Be Worth at Peak of the Bull Run?
Bullish Momentum and Market Context
The rise in UNI’s price comes as more investors are getting back into DeFi tokens. UNI has done better than most other similar tokens, showing it’s still a strong player in the market. More people are buying it too, which helps support the price increase.
The price charts show UNI might be turning around after its recent downward trend. Traders are keeping an eye on the $16 and $20 marks – these could be important stopping points along the way.
A Look Ahead for Uniswap
Uniswap is picking up steam, and everyone’s watching to see if it can keep going up. After breaking free from its downward trend and climbing up the rankings, UNI looks ready to push even higher. For now, $50 remains an optimistic target, contingent on broader market conditions and sustained interest in decentralized finance projects.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
