Uniswap Price: Decentralized exchange Uniswap’s native token (UNI) joins the list of top performers with an intraday surge of 19.28% during the hyperactive bull market phase. Coin valuations have surged as investors gain confidence in the new altcoin season. Therefore, a break above the 2-year-old resistance level signals a critical trend reversal entry opportunity for Uniswap.
What’s ahead for UNI after price surges 45% weekly
As the overall trend reversed into a bull market, Uniswap price hit a new high of 52W. UNI prices are up 166% in the past four weeks as buying pressure surges.
The ongoing recovery rally ends this year’s long consolidation under a bearish flag. This reversal broke above the psychological $10 mark, signaling a full reversal on the weekly chart.
A close-up analysis of the daily chart shows a series of bullish candles during the market recovery. Price gains recently broke above key resistance at $14, providing another stepping stone for buyers to extend the recovery trend.
Currently trading at $15.73, the altcoin may retrace slightly to $14 to show its sustainability at higher prices. With a steady recovery, UNI price should chase potential targets of $20 and then $23.
Additionally, a round bottom is a traditional reversal pattern that usually occurs when a downtrend matures. Buyers have recently emerged from a long-term sideways trend, suggesting that Uniswap price is starting a new uptrend.
Under the influence of the round bottom pattern, UNI price may touch the potential target of $45.
Technical indicators
Exponential Moving Average: The fast-moving 20-day moving average is the first line of defense during market corrections.
Average Directional Index: The daily ADX slope of 48% suggests that the buyer-led rally has been exhausted and may require a minor pullback to regain strength.
