Uniswap's UNI Token Gains Momentum, Targeting a 15% Price Surge

Author : Elisabeth Louise | Published On : 18 Jan 2024

Uniswap's native cryptocurrency, UNI, has recently embarked on an impressive rally, surpassing key resistance levels at $6.00 and $6.20. With a confident trade position above $6.50, UNI has marked a notable 5% growth, sparking discussions among investors and traders about the prospect of reaching the $8.00 mark.

The recent bullish trend in UNI is underscored by the breakthrough of a critical bearish trend line, which formerly provided resistance near $6.60. This breakout has injected a renewed sense of optimism into the market. Additionally, UNI's steady climb above the $6.75 resistance level further solidifies its upward trajectory, with the next significant milestone anticipated at the $7.25 resistance.

As of the time of writing, UNI is exchanging hands at $6.82, reflecting a modest 0.51% increase in the past 24 hours and a weekly gain exceeding 10%. The ongoing battle between bears and bulls has shaped UNI's price action, forming higher highs and lower lows. Presently, the bulls are in control, aiming to breach the current resistance at $6.90.

Examining the daily chart, UNI's positive technical indicators contribute to its favorable position. The 4-hour MACD signals growing bullish momentum, while the RSI remains firmly above 50, indicating a robust market sentiment favoring the bulls. Coupled with the token's solid performance above the 100 simple moving average, these factors paint a promising picture for UNI's near-term trajectory.

In 2023, Uniswap has solidified its standing as a leading protocol in the Ethereum ecosystem, processing a substantial volume of transactions and handling significant gas amounts. The platform's dominance in the decentralized finance (DeFi) space is evident, mirroring UNI's price movement with a notable 28% rise following the launch of new initiatives and expansions.